GMT Continues To Slip After Unlocking Activity; Is This The Right Moment For Buyers?

Highlighting a recent token unlocking activity, Lookonchain, a market analytical platform, reported that the STEPN wallet had unlocked 74 million GMT for investors, which is approximately $25.47 million in value. The platform further mentioned that some of the investors deposited GMT on exchanges, immediately receiving the altcoin.

At the reported time, GMT is currently falling from its daily high of $0.3918 after facing a fall of 12.70% in just one day. According to CoinMarketCap, the daily fall caused the altcoin to reach the red region of the weekly chart. At the reported time, GMT is valued at $0.3352 after recording a 3.24% tumble in the seven-day chart. Furthermore, the negative change in GMT’s prices caused its market cap to be valued at $554,113,140.

Looking at the chart, GMT started to experience a surge in mid-October, 2023 and continued to hug the upper band until the last week of November 2023. After the candlesticks continued to test the upper band for almost a month, a price correction took place as a response to the altcoin crossing above the barrier.

In the last month of 2023, GMT swayed within the $0.3745 and $0.2445 areas. Moving into 2024, GMT was able to showcase a positive price action, mostly influenced by the buyers as highlighted by RSI touching the overbought region. Currently, GMT could be facing a price correction with the formation of two red candlesticks. There may be a chance that the altcoin may continue to fall if the selling activities in the market continue. Hence, buyers looking to enter the market need to wait for the market to become stable during its downtrend.