According to on-chain data, two major cryptocurrency companies, Amber Group and Arca, have started saving for this altcoin.
This altcoin has entered the radar of big companies
It has been reported that Amber Group has purchased 122,144 GMXs, worth $8,954,376 million, instantly through the cryptocurrency exchange Binance.
When the previous data are examined, it is seen that Amber Group has transferred a total of 7.56 million dollars GMX from Binance in the last 1 month. However, it was stated that Amber Group paid an average of $ 61.9 per coin last month for this purchase, which was made again 122,144, the same as the last purchase. According to Kriptokoin.com data, GMX is instantly traded at $ 73.31.
Arca, on the other hand, bought 66,448 GMX units, corresponding to $4.4 million, from a decentralized exchange. In addition, Arca purchased 42,975 GMX tokens at an average of $81.5, paying a total of 2,065 Ethereums in the last three days. Additionally, Arca had purchased 1 million USDC of GMX at an average of $42.6 last month.
GMX, on the other hand, is a decentralized spot and perpetual exchange that supports zero price-impact transactions with low clearing fees. However, GMX hit an all-time high of $217.32 on November 16, 2021. However, it currently stands at approximately 64% lower than this level.
Whales buy this altcoin
Crypto whale watching site WhaleStats reported this morning that dYdX (DYDX) has been on the top 10 list of the most purchased tokens among the largest Ethereum (ETH) whales in the past 24 hours. The DYDX accumulation of ETH whales over the past 24 hours may have something to do with the drop in altcoin price, as whales identify the price drop as an opportunity to add to their DYDX holdings.
Momentarily, CoinMarketCap shows that the DYDX price has dropped 10.69% in the last 24 hours. The altcoin’s price also weakened by 7.41% and 7.31%, respectively, against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH). The price of DYDX dropped below the key daily price level of $2,630. In addition to this, the price of DYDX has also dropped below the 9-day and 20-day EMA lines.
https://twitter.com/WhaleStats/status/1628266120502210560
Momentum oscillators suggest that the momentum is in favor of the bears at pressure time, with the narrowing margin between the 9-day and 20-day EMA lines and the daily RSI line sloping negatively towards the oversold zone. The last level DYDX price must break below before targeting the support at $2,407 is the positive trend line formed on the DYDX chart.
Currently, DYDX charts indicate that the altcoin price will drop further in the next 24-48 hours. An important event happening today is the FOMC Meeting. The Fed is expected to announce another rate hike today, which is expected to negatively impact prices in the crypto market.
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