The crypto trader, Ali (@ali_charts), tweeted this morning that Arthur Hayes (@CryptoHayes) isn’t the only one buying GMX. This tweet follows after data released by Lookonchain on February 6, 2023, showed that Hayes was the largest individual holding an address for GMX at the time the data was tweeted — holding more than 200,580 GMX.
Ali’s tweet added that on-chain data from the blockchain analytics firm, Santiment, showed that wallets with between 100K and 1M GMX have bought 10 million tokens since the collapse of GMX. According to the tweet, the total amount of GMX purchased by these addresses is worth approximately $20 million.
This accumulation of GMX by these addresses does not seem to be slowing down, the tweet added.
According to CoinMarketCap, the price of GMX has dropped 1.95% over the last 24 hours. During this time, GMX’s price has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.66% and 1.36%, respectively. As a result, GMX is changing hands at $72.86 at press time.
Daily chart for GMX/USDT (source: TradingView)
GMX’s price has dropped below the positive trend line that was established on GMX’s daily chart on February 10, 2023. Furthermore, the altcoin’s price is currently resting on the key support level at around $71.57, as well as the 20-day EMA line.
Technical indicators on GMX’s daily chart are currently bearish, with the 9-day EMA line bearishly closing the gap that exists between itself and the 20-day EMA line. The daily RSI line is also positioned below the RSI SMA line and is sloped negatively towards the oversold territory.
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Source: Cryptocurrency - investing.com
