GT Price Analysis: Token is being rejected by the trendline again

The token is trading above its key Moving Averages.
The pair of GT/USDT is trading at the price level of $4.2904 with a decrease of -0.13% in the past 24 hours.

The Gate (GT) has rebounded strongly and gained more than 40% in the past few weeks, because of strong bullish momentum and bulls driving up the price of the token. The native currency of the GateChain ecosystem is GateToken (GT). It is used to pay transaction fees on the GateChain network as well as the PoS staking incentive.

GT token on the daily chart

On the daily time frame, the token is unable to break above the long term trend line. According to the daily chart, GT token is currently trading at $4.2904, indicating a loss of -0.13% in the last 24 hours. The token has crossed and sustained above its key Moving Averages of 50 and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The token is being rejected from the trend line once more, and strong bearish candles are forming.

Relative Strength Index: The asset’s RSI curve is currently trading at 59.49 and is decreasing in value as the token is rejected from the trend line. The RSI curve has crossed below the 14 SMA, indicating bearishness. The token is expected to decline in the coming days and will find support at the 200 EMA. If the token continues to decline in value in the next few days, the RSI curve’s value will fall even further.

Analyst view & Expectations

To break above the trend line the token needs to find support at the 200 and bounce back with strong bullish momentum. Investors are advised to hold their buys and wait for the token to break above the trend line to gain more confirmation on the direction of the trend. Whereas, intraday traders have a good opportunity to go short and book profits as per their risk to reward ratio.

According to our current GateToken price projection, the value of GateToken is expected to climb by 6.85% over the next few days, reaching $ 4.58. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 56. (Greed). Over the previous 30 days, GateToken had 20/30 (67%) green days and 10.71% price volatility. According to our GateToken forecast, now is not the time to buy GateToken.

Technical Levels

Major support: $4.2 & 200 EMA on the daily chart.

Major resistance: $4.5728

Conclusion

The token has not been able to provide breakout above the trend line on the daily time frame and bears are pushing down the token price forming a bearish chart pattern. Investors are advised to wait for a clear indication before acting.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.