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- GateToken price reclaimed 50 day EMA and attempting to breakout of 200 day EMA
- GT crypto price shot up 35% from the recent lows and formed a bullish reversal pattern
GateToken crypto price is trading with mild bullish cues and bulls are attempting to break out of the 200 day EMA. However, prices are near to the supply zone and minor correction or consolidation is also possible. Currently, The pair of GT/USDT is trading at $4.0236 with an intraday gains of 0.86% and the 24-hour volume to market cap ratio at 0.002
Will the Gate Token price breakout 200 day EMA ?
On a daily time frame, GateToken price had shown a sharp recovery from its 52 week low and rising upward while forming higher high swings.From the past couple of months, GT prices got stuck in the narrow range between $3.4000 to $3.8000 with a bearish bias and sadly in the mid of December, bears took over the control and drag the prices below the lower range and hits a 52 week low at $2.9167. Later, the market sentiment improves which has impacted the GT prices in a positive way.
GateToken price had breakout of the higher range resistance at $3.8000 and succeeded to hold the price above the 50 day EMA (yellow) which has driven the positive sentiment and buyers are expecting more upward movement in coming days. However, The 200 day EMA (green) and $4.2021 will act an immediate hurdle for bulls followed by next hurdle at $4.8958
GT token prices are near the supply zone and the RSI (69) indicates mild overbought sentiment, therefore if any minor correction triggers from the supply zone it will provide an opportunity for investors to accumulate at lower levels. The $3.6061 will act as immediate support for bulls followed by the next hurdle at $3.000.The MACD has generated a positive crossover but the curve is sloping sideways indicating the prices may also enter into consolidation for a short period of time.
Summary
GT token prices had shown a surprising recovery and rewarded the short term investors. The technical analysis suggests that positive momentum is still intact and any dips towards the 50 day EMA will provide an opportunity for bullish traders. Therefore, traders may look for buying on dip opportunities for the target of $4.5000 and above by keeping $3.4000 SL. However, if prices slipped below $3.4000 the trend will again work in the favor of bears.
Technical levels
Resistance levels : $4.2021 and $5.0000
Support levels : $3.5000 and $3.0000
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
