- GT price has lost 30% in the past 3 weeks.
- GateToken price has just passed the 20-day exponential moving average.
Since the beginning of 2024, sellers have been trying to get control and succeeded a little bit. However, buyers managed to trigger a breakout in the last week of February, which gained 130% in a month and reached a 52-week high. The buyers could not hold the $11 mark and showed a strong price rejection. According to the chart, most buyers prefer to book profit, resulting in strong selling pressure.
Recently, the GateToken price has taken support at the $6.50 level and gained buying momentum of 18% in a week. The GT price has extended to the 20-day EMA and is showing weakness. The asset price has been rising because of the defense of the last swing highs.
Based on the technical indicators, the Average Directional Index (ADX) has rapidly dropped from 54 to below 20, which indicates a negative sentiment. The GT crypto price has recently bounced back, but ADX isn’t showing a buying signal. ADX does not favor buying signals in the short term.
Gate Price Prediction: Will GT Price Regain $10 Mark?
The GateToken price has been bullish on a broader time frame, but sellers seem strong in the short term. Moreover, the GT crypto price has formed a hammer candlestick on the support level of $6.50 and reacted positively.
If the Gate price fails to sustain over the 20-day EMA, it may melt to the $6.50 mark. Suppose the trading volume decreases and the price slips below the support level of $6.50, and then sellers may drag down the price to the $5 mark.
The GT price has recently formed a higher low and seems ready for the buying momentum. If the price surpasses the $8 hurdle and is sustained, buying momentum can be expected, and it may reach the last swing high.
GateToken price is at $7.60, and the market cap is $733.46 million. The fully diluted market cap is $2.28 billion, and the 24-hour trading volume is $7.85 million, which is a gain of 10%. The circulating supply is 96,471,025 GT, and the total is 300,000,000 GT.
Holding of Top Addresses Analysis For GateToken Crypto
As per the graph, the holdings of the top 10 Addresses have remained constant for the last few months. However, the GateToken price has witnessed massive changes. If the top addresses holdings increase, the price may be positively affected.
Performance
GateToken price has remained bullish and is up by 14.46% in a week and 68.92% in a month. The GT crypto price has witnessed a YTD growth of 48.93% and a yearly growth of $43.42%.
Conclusion
GateToken price has witnessed intense buying pressure, but the buyers were exhausted near the $11 Mark. After buying momentum, sellers took over the charge and led the trend. Buyers hope to bounce back from the support level of $6.50 but may fear below the $8 mark. The Bulls may be eyeing a new swing high if the price is over the $8 level.
Technical Levels
Resistance: $8.00 & $10.50
Support: $6.50 & $5.00
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.