GateToken (GT) price has been in a strong downtrend ever since it faced rejection above the $5.60 level and formed an annual high at $5.63. During mid-June, GT price commenced a bullish rally after the release of news regarding BlackRock, an investment management firm that filed for Bitcoin Spot ETF.
The bullish rally started to fade as soon as the price reached near $4.50. The cryptocurrency price faced strong rejection near $4.50 which induced a negative sentiment. GT price fell and broke the major support of $4 and formed support near $3.84.
The asset price has been stuck in a narrow consolidation zone ranging between $3.84 and $3.945 since the end of August 2023. Several attempts were made to break out from the zone but the price could close above or below it.
Where Will GateToken Price Head?
The previous candle closed as a weak bullish candle and the current candle has broken the low. Currently, the price is headed toward the recent support of $3.84. If bears can push the price below the support level of $3.84, the price might fill the lower wick of the 10th June candle and head toward the $3.598 level causing a downfall of roughly 6%.
On the other hand, if bulls take control and push the price above $3.945, the price might rise toward the next resistance level of $4.11. The market capitalization of GateToken is down by 0.26% to $370,597,726. The 24-hour trading volume has increased by 1.46%.
Will GT Price Fall To $3.5980?
The cryptocurrency price has slipped below 20, 50, 100, and 200-day exponential moving averages, indicating bearish momentum. The 20-day EMA has been acting as a resistance for GT price.
The Chaikin money flow (CMF) score has surged above the 0 mark and currently trades at 0.16, suggesting strength and capital inflow in the market. CMF has been showing divergence with price action as the overall trend still seems to be bearish.
The relative strength index has entered into an uptrend and escaped the oversold zone. RSI currently trades at 37.77, suggesting that there is still a confluence of bears over the market but bulls have started to enter. The Bollinger bands have contracted implying a decrease in volatility.
Conclusion
The market structure and price action of GateToken is overall bearish but currently, GT price is stuck in a narrow consolidation zone. Technical parameters indicate that there is a confluence of bears over the price but bulls have started to enter the market. To witness decent gains, the cryptocurrency price needs to first rise above $3.945.
Technical Levels
Major support: $3.84 and $3.598
Major resistance: $3.945 and $4.11
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.
Source: https://www.thecoinrepublic.com/2023/09/11/gatetoken-price-prediction-gt-price-consolidates-above-3-80/