Smart Money Trader Adds More GMX to His Holdings: Report

• Lookonchain tweeted that a smart money trader recently added more GMX to his holdings.
• 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.

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.

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