- The GMT token price has given a breakout from the falling wedge pattern.
- The GMT token price has surged by over 13% in a week.
- GMT token price is currently at $1909.
When the GMT coin was listed, it started on a good uptrend and the price surged by over 41000% within two months. During this phase, the stock price created a range within which it is still trading. It created an all-time high of $4.11 on 28 April 2022 and a low of $0.1003 on 11 March 2022.
The GMT Coin price started to decline after this and started its downfall in May 2022. Since then, the price has been continuously falling and melted down over 95% of the gains it created in its initial upward move. However, the price has successfully defended the low even after trading in a downtrend for so long. In 2023, GMT coin gained about 180% in a month, which is considered a remarkable gain for the investors. However, the bears have entered at upper levels and removed every single gain the coin price made in January 2023. The coin is now trading with a decline of over 19% in 2023.
Synopsis of GMT Token Chart
The GMT token price has recently broken out of a falling wedge pattern on the upside and this is considered a bullish pattern. The coin price has surged about 26% since then. The bulls present at lower levels are holding the price at higher levels, which is a sign of strength.
The GMT coin price is facing strong resistance near the level of $0.2083. It breached this level on the downside in August when the price declined massively, along with the sell-off witnessed by the crypto market. If the price can break this level, then it can go towards the level of $0.2965. The support levels of the coin are present at $0.1381 and $0.1003.
Are the Indicators Bullish or Bearish on GMT Coin
The GMT coin price has regained the 50-day exponential Moving average (EMA) and is inching closer to the 200–day EMA. This can be considered as a first sign of the trend reversal.
The Relative Strength Index (RSI) is currently at a level of 71.05 and is showing a downward slope. This suggests that the coin has entered an overbought condition and is still on a trajectory that indicates it is overbought. The coin price needs some consolidation before it resumes the uptrend.
Conclusion
The GMT coin price has shown a strong recovery from the lower levels and it has ended the 2-month-long consolidation. The RSI is showing that the price is overbought and needs some consolidation. The price must cross the current resistance level to resume its uptrend.
Technical Level
- Resistance – $0.2083 and $0.2965
- Support – $0.1381 and $0.1003
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.