- GPT token price is bullish despite a temporary setback in the cryptocurrency market.
- The GPT token price is resting above the breakout zone, after showing a bullish move.
- The pair of GPT/BTC is trading at the price level of $0.0000478 with a decrease of -0.95% in the past 24 hours.
GPT Token Price Depicts Bullishness
GPT token price broke the key supply zone, way back and since then it was in on the move upwards. Recent bearishness led to token prices falling to the breakout zone. As it seems, the GPT token price is resting at the demand zone and bouncing back off it will act as a retest of the breakout zone. GPT token price is forming the higher high and higher low formation on a 4-hour time frame.
GPT token price is currently trading below the 100 and 50 Moving Averages. The recent fall GPT price led to the breakdown of the 100 and 50 Moving Averages. Moving upward, the token price can face strong bearish pressure from these MAs.
At press time, GPT token price is trading at the lower band of the Bollinger band indicator, after failing to surpass the upper band. The token price has fallen below the 14 SMA and therefore, the token price is expected to stay in a bearish trajectory for the following week. Volume increased as the token price started consolidating near the demand zone. Investors should wait for a proper signal of reversal.
The GPT Token Price is Trading in a Small Range on the 1-hour Scale
ADX curve has been rising on a 4-hour time frame as the token continues to rise. It is a positive sign for the token price. In a 4-hour time frame, the ADX curve has risen above the 20 mark and turned upwards. As the token price rests at the short-term demand zone on a 4-hour time frame, investors should wait for a positive candle formation at the demand zone.
Supertrend indicator is negative as the token price broke the important long-term supply zone on the smaller timeframe. Since then, the token price has started moving up rapidly. As of now, the token price has broken the super trend sell line which has triggered a buy line. Moving upwards the super trend buy line can act as a strong demand zone.
The MACD indicator is positive as the token price rose. As seen on the chart, the token price broke the important supply zone in a lower time frame and as a result, the MACD indicator gave a positive crossover. The blue line crossed the orange line on the upside. If the token price rises further, the MACD line could be seen supporting the trend.
Conclusion: GPT token price is bearish as seen in a smaller time frame. Price action suggests the same, but on a larger time frame, the token is still in bullish mode. Technical parameters are bearish as the token price broke an important demand zone. It remains to be seen if GPT token price will bounce off the demand zone or fails to do so.
Support: $0.076 and $0.089
Resistance: $0.12 and $0.15