- An increase of 4.86% has been observed in Gas price during the intraday trading session.
- Current price is facing both buying and selling pressure at $6.87.
- The trading volume of GAS tokens has reached $18.99 million in the last 24 hours.
Gas (GAS) is a native token of the Neo blockchain network. Neo was the first public blockchain platform to adopt a dual token mechanism. It separates the rights of governance from the rights of using the network by launching the GAS token. Unlike NEO, the GAS token is required to pay transaction processing fees on the Neo network. The largest portion of the token is distributed to voters as a reward for having an active role in the network governance.
Gas has Delivered Almost 200% Returns in the Last Six Months
A potential bullish reversal has been observed in the Gas price in July 2023. Afterward, the price took two months for correction and made a massive bullish spark in October 2023. This caused positive growth in the price of over 166% in a single month.
Conversely, the excitement of the investors was on the verge of November 2023. The price again pumped over 370% and gave a breakout from the $25.68 resistance. However, the price returned to the $5.11 support in January 2024.
Supply and Valuation of the GAS Token
The maximum supply of tokens is unlimited right now, which can cause inflation in the price in the future. Gas fully diluted valuation is assumed to be $450 million with a circulation supply of 67.31 million GAS. The current market capitalization ranks 179th out of all 9,334 active cryptocurrencies.
Five GAS tokens are generated every block and distributed in three parts. The 10% is split between all NEO holders, 80% is divided between successful voters, and the remaining 10% will be split among the 21 members of the Neo Council.
Price to Volume and Social Dominance
The average social buzz of the Gas cryptocurrency dominated nearly 1.261% of the entire crypto arena. The price has been showing positive remarks since February 2024, and the volume intensity is increasing day by day, as shown in the chart.
The 24-hour trading volume of the GAS token has increased by 26.82%, ranking 295th among all 9,335 active cryptocurrencies. Additionally, the volume-to-market capitalization ratio (VMR) is at 4.19%, reflecting higher liquidity.
Technical Analysis of the Gas (GAS) Token Price
The current price is struggling on the 50-day and the 200-day exponential moving averages. Gas crypto price slipped multiple times between both the EMAs, indicating weakness in bullish strength.
GAS price surged 48% from the $5.49 support on March 15, 2024. Afterward, a sharp selling of almost 30% can be observed in the price. However, the price gained some bullish reactions from the $5.72 bullish POI and is moving toward the $8.20 resistance. If it manages to close above $8.20, the price will be more likely to reach $10.97. For the bearish look, the price should close below $5.72.
The relative strength index (RSI) reflects a slightly internal bullish divergence in the price momentum. It indicates the increasing buying pressure in the current trading phase. RSI is moving at 52.11 above the signal line.
Summary
The gas price has shown enormous strength in the last six months, reflecting over 1000% of the bullish rally. However, it faced profit bookings from the $29.07 resistance and declined by nearly 80%. The current gas price has shown some recovery from the $5.72 bullish POI, and the price is moving toward the $8.20 resistance. If it manages to close above $8.20, the price will be more likely to reach $10.97. For the bearish look, the price should close below $5.72.
Technical Levels
- Resistance Levels: $8.20 and $10.97
- Support Levels: $5.72 and $4.69
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.