- Gate token price has been struggling between the 20-day and 200-day EMAs.
- Gate crypto price has dropped by 22% in a week.
Gate (GT) price technical chart displays that the price has been pumped by 145% in February and March and recorded a multi-year high of $11.47 on March 28, 2024. As of the chart, the Gate token price could not sustain the $11 hurdle and witnessed selling pressure. Recently, the GT price slipped below the 20-day EMA, retested again, and fell by 20%.
In a broader time frame, the Gate crypto price has been bullish, but sellers dominate in the short term. Currently, the GT price is melting to the 200-day exponential moving average, which shows the sellers’ strength.
According to the technical indicators, the GateToken price struggles between the 200-day and 20-day exponential moving average, indicating the sellers’ grip. RSI is 35, rapidly dropping to the oversold zone, showcasing the bears’ strength.
Gate Price Has Witnessed Sharp Selling; Will Buyers Retain Control?
Gate token price is trading at $6.49 with an intraday loss of 2.25%. The circulating supply is 96,469,533 GT, and the total is 300,000,000 GT. During the daily time frame, the GT price formed a head-and-shoulders pattern.
The GT price forms the right shoulder and approaches the 200-day exponential moving average. According to the chart structure, the GT price may consolidate between the neckline and 200-day EMA for the next few months.
If the GateToken price starts trading below the 200-day exponential moving average, sellers may drag the price to the $4.50 mark. If the price fails to defend the $4.50 level, it may be considered the end of bullish momentum.
On the other hand, if the Gate price manages to bounce back and surpasses the $8 mark, it may continue the bullish trend for the long term. If the chart structure attracts investors, the price may extend to the 52-week soon.
Gate Token Volume vs Price Analysis
The graph shows that the trading volume has decreased from $83.50 Million to $9.12 Million, and the price has dropped by 40%. The volume change is directly proportional to the cost. So, if the trading volume inclines, the price may be pumped.
Gate Token Price Prediction Based On Technical Analysis
As per the April 18, 2024 data, the Gate Token price prediction sentiment is bearish. Based on this analysis, 15 technical indicators signal bullish signals, while 17 favor bearish momentum.
Gate Token Social Dominance & Social Volume Analysis
The graph of social dominance and social volume shows that awareness and interaction on social media like X, Instagram, and Telegram have increased over the last few weeks. The social volume and dominance have decreased for the last few days, leading to sharp selling pressure.
Conclusion
Based on the technical analysis and market trends, GateToken price is currently in a bearish momentum, with sellers dominating and the price melting towards the 200-day EMA. However, if the trading volume inclines, the price may be pumped, and if the price manages to bounce back and surpasses the $8 mark, it may continue the bullish trend for the long term.
Technical Levels
Resistance Levels: $7.50 & $8.60
Support Levels: $5.50 & $4.45
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.