GMT Breaks Resistance Zone, Gains Sustainment on Bitcoin Breakout
GMT has seen substantial gains in the past eight days, with prices rising from a low of $0.2506 on March 20 to $0.445, a 77.57% increase. Despite a slight dip to $0.406, the overall trend remains positive.
Earlier predictions of a 70%+ bull run for GMT were hindered by a Bitcoin market correction that caused prices to drop by 30%. However, sentiment quickly turned bullish again, with on-chain metrics indicating a healthy market for GMT.
The average dollar investment age (MDIA) metric shows ancient coins returning to circulation and increasing demand, while weighted sentiment and network growth have been positive. The MVRV index reflecting holders’ gains could potentially lead to profit-taking activity.
Wallet distribution analysis revealed smaller holders were selling off as prices rose, while whales accumulated tokens in the range of 100,000 to 10 million GMT. This suggests a mixed sentiment among investors, with potential for sustained gains.
GMT’s market cap in BTC terms remains uncertain, but overall sentiment is bullish. The recent correction in the altcoin market due to Bitcoin’s volatility may impact GMT’s performance moving forward. However, current conditions favor bullish sentiment for the token.
With GMT breaking through resistance zones and showing signs of sustained gains, the market outlook remains positive for investors. Stay tuned for more updates on GMT and other cryptocurrency news.