•GMT/USD is currently priced at $1.34 and has decreased by 18.96% over the past day
•The trading volumes have decreased by 33.80% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: GMT Token shows no signs of recovery as selling pressure is yet to ease out
The GMT price today is $1.34 USD with a 24-hour trading volume of $1,440,456,851 USD. GMT Token is down 18.96% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 1.8 for the altcoin.
GMT Token has been swept up in broad selling of risky investments on worries about high inflation and rising interest rates, but has started showing signs of settling. As a result of the incessant selling pressure, GMT Price shredded by more than 60% during the past month. The asset is yet to show some resilience as it struggles to recover from its precarious position. The downtrend is still at play in the market as the bears are continuing to hover around, as evidenced by the GMT Price currently transacting below the 20 SMA on the daily indicator. The continuation of the downtrend could lead to the GMT Price tumbling below the support level placed at $1.20. On the flip side, if an uptrend ensues, the prices could breach the resistance placed at $1.50.
Long Term View for GMT Price
After the recent bloodbath that was observed in the market, the GMT Token is yet to recover from its slump. The asset is currently struggling to attract buyers at the current price levels as the RSI indicator is transacting at a stone’s throw away from the oversold levels (currently transacting at 31.66). The MACD indicator shows the presence of red histograms on the daily chart which reinforces the bearish stance. The MACD and signal lines, on the other hand, are transacting in the negative zone as well, with the gap widening between the two.
Conclusion
Generally, the market is on its way to recovery as it slowly gains back some traction. It remains to be seen if the downtrend is over or not for GMT Token. The next couple of days will provide us with an insight into the future course of the coin.
Support: $1.20-$1
Resistance: $1.50-$2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.