The Gate Token (GT) price reverted from the supply zone of $5.60 and faced a sharp rejection, which led the token toward the 200-day EMA. However, the token managed to halt the gains and is trying for a pullback. Meanwhile, the trend is cautious and investors are squaring off their positions because of the uncertainty in the market.
The GT token price has slipped to the 200-day EMA and is struggling to halt the gains. The trendline was split and selling pressure was witnessed in the recent sessions. Furthermore, a bearish flag pattern was spotted and a breakdown was noted, which conveys the negative outlook. The technical indicators are giving a sell signal and the token may breach the 200-day EMA soon.
This cryptocurrency’s price was $4.575 at press time, with an intraday drop of 0.23%, showing a bearish outlook. Moreover, the trading volume increased by 20.44% to $1.48 Million, highlighting selling pressure. The pair of GT/BTC was noted at 0.000113 BTC, while the market cap is $623.86 Million. Analysts are neutral and suggest that the token may breach $4 soon.
GT on Daily Charts Displays Flag Breakdown
On the daily charts, the GT token price has reverted to the uptrend and is draining gains signifies the selling pressure. Moreover, the token may stretch the down move and will retest $4 soon. The price action delivers the lower lows and a breakdown candle indicates that bears are keen to force the token below the 200-day EMA for a massive selloff.
The relative strength index (RSI) curve stayed in the oversold region and delivered selling pressure in the recent sessions. Moreover, the MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting that the token may breach the 200-day EMA and will continue to face slippages.
GT on Weekly Charts Forms Double Top Pattern
Gate Token has witnessed a comeback from the lows of $3.60 and retested the supply zone of $5.60 in recent sessions. Yet, the craze could not last long and a double top pattern was exhibited, and a sharp throwback spoiled investors’ dreams.
However, the token may gain momentum and will surpass $5 if it succeeds in saving the 200-day EMA level.
Summary
Gate Token (GT) price noted a rejection from the supply zone and demonstrated a breakdown of the flag pattern. The price action implies selling pressure and the token is struggling to save the selloff and is hovering near the 200-day EMA. Amidst the volatile market, the token has eroded over 18% of gains this week delivering selling pressure.
Technical Levels
Support Levels: $4.30 and $4
Resistance Levels: $4.80 and $5.20
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/01/24/gt-price-prediction-will-gt-hold-200-day-ema-or-drag-toward-4/