- The Gate Token is currently in a downtrend.
- It is currently trading at $3.874 with an intraday rise of 0.35%.
- The token is down from its all-time high by 70.46%.
The GT token has recorded losses of 23.89% in the last 6 months and 8.79% in the last 3-month time frame. The token marked a high of $5.62 this year since then the price has been in a downtrend. The price after starting a downfall from the year high fell to the level of $3.84.
After that, the price took support from $3.84 and started to move upwards but got rejected from the $4.46 resistance. It again came back to the $3.84 support zone.
Presently, the price is trading sideways between the levels of $3.84 and $3.974. The price is not getting much volume to move upwards as the volume is getting lower. So, the price is currently moving in sideways movement. If the volume keeps down this way, the price can break the support of $3.84 and fall further.
The token is currently trading with a drop in the trading volume by 2.78% in the last 24 hours.
The token marked its all-time high on 13 May 2021 when a single GT token was priced at $13.09.
Sentiment Analysis :
The total market volume of the token has declined by 12.31% and the total market dominance has also decreased by 3.13%, which shows that there are negative sentiments in the market and the price can be bearish.
Technical Analysis (Daily- 1D)
As we can see in the chart, the price is currently below all the EMAs and under a bearish momentum. If it has to rise from this point, it must break the sideways movement first.
If the price has to move upside in a bullish movement, it must break the last lower low and also break the $4.10 resistance. Thus, the price can move above the 100-day EMA after breaking above the resistance which will be a bullish sign for the price.
In an opposite scenario, If the price breaks below the support of $3.84 then further downfall in the price of the token can happen. The next support will be at $3.7 and $3.5.
Relative Strength Index (RSI)
The RSI line is currently moving at 47.34 points and the SMA 14 line is moving at 44.87 points. The RSI is presently moving below the neutral level 50 which indicates the bearish movement in the price.
Moving Average Convergence/Divergence (MACD)
In MACD, The fast blue line moving average is above the red slow line moving average. The histogram shows lower significant volumes. If the volume stays significantly lower then the price might fall or continue its sideways movement.
GT Live Chart :
Conclusion
We should wait until the price breaks the sideways movement and the volume of the token gives a movement downward or upward. It will decide whether the token will continue the downtrend or reverse the trend into a bullish trend.
Technical Levels
Support: $3.84, $3.7 And $3.5
Resistance: $4.10, $4.21 And $4.46
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.