GMT Price Surges 27%; Is the Breakout in GMT Reliable or a Trap?

GMT price prediction shows bulls are returning back to track and this token may hit new highs in coming months. It rose 27% approximately in the last two trading sessions and displayed a massive breakout.

The sellers of GMT panicked and were forced to step backward which boosted buyer confidence. Bulls managed to break out of the $0.3500 hurdle with high trading volume.

The trend of GMT crypto is positive because price is trading above the 50 and 200-Day EMAs. The chart pattern of this crypto is highly bullish on a day time frame and the presence of buyers is visible.

The sudden move in the price has shaken the sellers and supply zone has moved up. The next resistance which is visible on the chart is at the $0.5000 level. 

If the positive momentum continues, the price could rise by around 20% from current level.

GMT Price Prepares to Hit New Highs; Should Investors Participate?

GMT price gained positive momentum which is supported by a high trading volume. The volume data for the last 24 hours on CoinMarketCap shows a whopping 560% increase.

The massive surge in volume has positively impacted the price. Therefore, the breakout looks real and GMT crypto price is likely to sustain at the higher level. 

The analysis suggests that this token is in a strong uptrend and is likely to rally further. So, investors should look for buying opportunities and participate in the rally. 

The Range Expansion in GMT Crypto; What’s Next?

GMT crypto formed a strong green bullish candle on the weekly time frame chart. After six weeks of consolidation in a narrow range, buyers finally succeeded in expanding the range upwards and rewarded its short term investors. 

After analyzing the price behavior of GMT, it can be said that this crypto is in a strong bullish trend in January. Therefore, any short term dips toward support might be an opportunity to accumulate and build fresh longs. 

Conclusion

GMT price prediction for January 2024 is bullish and suggests new highs may be visible soon. The chart pattern of this crypto suggests the breakout looks reliable and that it will rise further in the coming sessions.

Technical levels

• Resistance Levels: $0.5002 and $0.5505
• Support Levels: $0.2865 and $0.2305

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.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.