Smart Money Trader Adds More GMX to His Holdings: Report

  • The tweet shows that the trader purchased 3,252 GMX recently with $250K USDC.
  • In related news, the price of GMX is up more than 1.75% according to CoinMarketCap.

The blockchain tracking firm Lookonchain (@lookonchain) tweeted last Friday that a smart money trader made 13 trades on GMX. According to the tweet, the trader constantly bought at a low price and sold at high prices, making a total of $430K from the trades. The tweet also added that the trader held 7,187 GMX with an average buying price of $71.53.

Lookonchain made a follow-up tweet this morning regarding the smart money trader. In today’s tweet, the firm added that the trader bought 3,252 GMX again approximately 8 hours ago with $250K USDC. The platform added that the buy price for the trader’s most recent purchase was $76.88.

The latest purchase of GMX by the trader has taken his total GMX holdings to 10,349, which is worth around $807K at current prices. The average purchase price for all of the trader’s trades is $73.2.

CoinMarketCap shows that the price of GMX has risen 1.75% over the last 24 hours. As a result, GMX’s price stands at $77.92 at press time. The altcoin also strengthened against Bitcoin (BTC) and Ethereum (ETH) by 0.64% and 0.65% respectively.

Daily chart for GMX/USDT (Source: TradingView)

GMX’s price is trading closer to the lower bound of the consolidation channel between $75.31 and $82.10 at press time. There is also a positive trend line which was established on GMX’s daily chart after the altcoin’s price printed higher lows over the last 2 weeks.

Should GMX’s price close above the 9-day EMA line today, it will likely make a move toward the upper limit of the aforementioned price channel in the next 24-48 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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