Can GMT repeat its 70% rise to surpass the dollar?

• GMT broke the resistance zone that rejected the bulls earlier this month.
• The metrics show a healthy bullish bias, but continued gains may depend on a Bitcoin breakout.

A huge increase in speed (GMT) was recorded in the last eight days. From the March 20 low of $0.2506, GMT rose to $0.445, up 77.57%. A few hours before press time, GMT prices fell to $0.406 and may fall further.

In early March, AMBCrypto reported that GMT’s on-chain metrics were healthy and a 70%+ bull run could begin. However, Bitcoin (BTC)

It fell below $70,000 and reached almost $60,000 just a few days later, sending GMT prices down 30% from $0.3822.

The sentiment went from strength to strength again

GMT did not rally as expected, but showed strength during its resurgence. AMBCrypto took a closer look at on-chain metrics to see if the token can maintain its bullish momentum.

The Average Dollar Investment Age (MDIA) metric has been in a downward trend throughout January. This was a bullish sign and showed that ancient coins are coming into circulation again and demand is increasing.

The weighted sentiment was also overwhelmingly positive, reflecting the recent gains made by the token. Network growth also increased in the second half of March.

The MVRV index rose along with prices to reflect holders’ profits. Although this was a positive outcome, it could soon generate selling pressure as profit taking activity took place.

checking supply distribution

AMBCrypto analyzed the behavior of wallets containing various GMT token holders. Smallholders covering up to $100,000 GMT experienced declines in March. This was especially pronounced on 1k-100k GMT holders.

This showed that holders were making profits due to rising prices.

On the other hand, wallets holding 100,000 to 10 million tokens have represented a larger percentage of supply distribution over the past three weeks. This means possible accumulation by whales.

Realistic or not, here’s the GMT market cap in terms of BTC

It’s difficult to be conclusive on this metric alone, but overall, GMT’s health remains bullish. BTC’s sharp correction soured sentiment across the altcoin market.

Perhaps this time the favorable conditions for the bulls will last for a long time.

This is an automatic translation of our English version.