- GMT price looking to break out of the current trend and might make a comeback from the bear trend
- Technical indicators of GMT will favour a consolidated trend in price. It has seen a drop of 2% in intraday session.
GMT is giving auspicious indications towards turning the trend recently GMT price gave a bullish rally of 136% chances are that after the small consolidation buyers might again start supporting the token. STEPN recently announced that it will conduct an airdrop for genesis holders on 15 Feb which did seem to have made a positive impact on the price as a bullish moment was seen around that time showing that buyers are supporting this move. The current STPEN price is $0.44 with a change in 24-hour volume of -35%. GMT price is down 1.95% in the last 24 hours.
GMT consolidating within a small range
GMT has been on a very bullish run since the start of this year after a positive dogi candle indicating the end of the current trend GMT token rose up to 136.18%. However, after this extremely bullish rally, GMT took a bearish correction of 38%. As of now, GMT is consolidating within a narrow range of 13% between the price levels of $0.48 and $0.42. The volumes have also slowed down which indicates that the investors are currently holding the coin.
GMT Technical Analysis (1-day timeframe)
EMA’s – GMT is currently taking resistance from 100 and 50-day EMA consolidating within a range near these key averages. Also, these EMA’s are very close to each other this is an auspicious indication for a big move if the price closes above these averages and ominous if the price closes below it. Also, GMT has 200 EMA as its next critical resistance which might prove to be a difficult resistance to crossover.
Support and Resistance – GMT’s price is currently taking support from a price of $0.41 while its recent resistance is 37% above the current price around the price of $0.62.
RSI – The RSI indicator after moving towards underbought level near point 46.65 is taking support from the 14 SMA. The RSI curve is indicating that the price might soon start moving toward the supply zone.
Conclusion
As it can be concluded from the above analysis GMT is giving positive signals of breaking its current bear trend however it is yet to cross its critical resistance to the 200 EMA. The narrowing EMA’s are giving indications towards a big move and the RSI is indicating that the price might start moving toward the supply zone.
Technical levels –
Support – $0.41
Resistance – $0.62
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/22/gmt-price-analysis-gmt-regarding-a-change-in-its-course/