- 1
GMT is currently trading at $0.3936 while seeing a change of 11.02% in 24-hour trading volume. - 2
GMT price declined 0.76% in the last 24 hours.
The price of GMT is facing critical resistance from major EMAs while trading within a symmetrical triangle. Presently, the sellers have an edge over the buyers. As of now, the long-term investors might prefer to wait for a breakout on the daily time-frame, although the present situation is ideal for the short-term buyers on the smaller time frame.
The price is trading below the 200-day EMA in the consolidation range. The price action is making a symmetrical triangle. The making of these price patterns suggests that the price can make a break out in the near future. A bearish breakout is likely, as the price is trading below all key moving averages where the oscillators are giving ominous indications.
GMT Price is Consolidating
Previously, despite the bearish trend in the GMT price, the buyers were providing constant support to the price in an effort to make a breakout. After taking support from the $0.2000 price point, GMT made an extremely bullish rally gaining almost twice its value. However, the buyers’ effort did not bear desired results as the price took a severe rejection with a death cross of EMAs.
As of now, the price is making another attempt with buyers’ support to retain its value. The sellers are maintaining their grip across the price action.
Technical Analysis
The RSI line is making a bearish curve above the median line with a value of 52.75 points, while the 14 SMA is providing support at 49.49 points.
The stochastic RSI is trading at the overbought level of 82.81 points. The present situation suggests a bearish occurrence as the stochastic RSI is trading near the overbought zone. The %K line recently crossed below the %D line after taking rejection from the supply zone.
Conclusion
The GMT price is currently trading under the 200-day EMA where it is taking resistance from a convergence of the 20/50/100 EMA. The recent resistance level for the GMT price is around $0.5000 and its major resistance level is at $0.7000. The support point for the price of GMT is near $0.3000 and its major resistance is at $0.2500.
Technical levels –
Support – $0.3000 and $0.2500
Resistance – $0.5000 and $0.7000
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/2023/04/17/gmt-price-analysis-will-sellers-take-charge-of-gmt-price/