GMX Shark and Whale Addresses Continue to Find the Token

• Ali tweeted this morning that Arthur Hayes is no longer the splendid one gathering GMX.
• Santiment data exhibits that honest addresses gain gathered spherical $20M of GMX since FTX’s give plan.
• The worth of GMX has fallen 1.95% over the previous 24 hours.

The crypto trader, Ali (@ali_charts), tweeted this morning that Arthur Hayes (@CryptoHayes) isn’t the splendid one procuring GMX. This tweet follows after data launched by Lookonchain on February 6, 2023, showed that Hayes was as soon as the absolute top person preserving an handle for GMX at the time the data was as soon as tweeted — preserving higher than 200,580 GMX.

1/ Arthur Hayes (@CryptoHayes) is at the moment the absolute top person preserving handle of $GMX, preserving 200,580 $GMX ($13.47M).He bought 200,580 $GMX with a designate of three,386 $ETH($5.72M at that time) from Mar 3, 2022 to Sept 7, 2022, the frequent procuring designate is $28.5. pic.twitter.com/cWjlnQScJs— Lookonchain (@lookonchain) February 6, 2023

Ali’s tweet added that on-chain data from the blockchain analytics firm, Santiment, showed that wallets with between 100K and 1M GMX gain bought 10 million tokens for the reason that give plan of GMX. In step with the tweet, the total quantity of GMX bought by these addresses is worth roughly $20 million.

This accumulation of GMX by these addresses doesn't appear to be slowing down, the tweet added.

In step with CoinMarketCap, the worth of GMX has dropped 1.95% over the previous 24 hours. For the length of this time, GMX’s designate has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.66% and 1.36%, respectively. Which potential, GMX is changing hands at $72.86 at press time.

Day-to-day chart for GMX/USDT (source: TradingView)

GMX’s designate has dropped below the certain trend line that was as soon as established on GMX’s day-to-day chart on February 10, 2023. Furthermore, the altcoin’s designate is at the moment resting on the main give a enhance to level at spherical $71.57, in addition to because the 20-day EMA line.

Technical indicators on GMX’s day-to-day chart are at the moment bearish, with the 9-day EMA line bearishly closing the gap that exists between itself and the 20-day EMA line. The day-to-day RSI line is also positioned below the RSI SMA line and is sloped negatively in direction of the oversold territory.

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