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- 1 GateToken price trades at $4.34 with a loss of 2.21% during the intraday session.
- 2 GT price rises above the 20-day EMA but trades below the 50,100 and 200-day EMAs.
- 3 The year-to-date return of GateToken is 43.47%, while the three-month return is -15.78%.
GT price has been bearish since it formed a high at the $5.63 level, after rising from the low of $2.9991 during the start of 2023. The price fell below the $4 level, but the bulls entered the market to push the price back above $4.
The cryptocurrency’s price has recently formed support at $3.93 to protect it from further downfall. The candle of June 10 touched the $3.60 level, which alerted the bulls to enter the market. The candle left a long wick to the downside, indicating a solid resistance.
After the formation of the $3.93 support level, Gatetoken price gained bullish momentum to recover from the losses. The move faced a hurdle near $3.39, and the price rebounded again to form support at $4.20.
Currently, the price is headed toward $5 but is facing a hurdle near the $4.45 level. The preceding candle closed as a Doji, and the current candle has now surpassed the lower wick of its predecessor. The price is currently headed toward the recent support level of $4.20, following the rejection.
If the price can form support and rise above the $4.45 resistance level, there is a high probability for it to head toward the next immediate resistance level of $4.91. On the other hand, if bears push the price below $4.20, the price can fall toward the next support level of $3.93, causing a loss of approximately 6.44%.
The market capitalization of GateToken has decreased by 1.69% to $424 million. The 24-hour trading volume is up by 60.21%. GT price is down -66.55% from its all-time high of $13.09.
Will GT Price Melt to the $3.93 Support Level?
The price of GT has crossed above the 20-day EMA, indicating an increase in market buying activity. The 20-day EMA has been acting as a support for the price. Chaikin money flow score is 0.30, indicating strength and strong bullishness in the price.
The current move might be a short-term pullback. Relative strength index (RSI) trades at 53.99, sloping downward, suggesting increased pressure from the selling side. RSI might rebound from the 50 mark if the price can create support to move further upwards.
The price reached the upper band of Bollinger and commenced a pullback. The 20-day SMA might hold the price for it to once again enter into a bullish trend.
Conclusion
Gatetoken’s market structure and price action are bullish, but the current candle is bearish and has broken the previous candle’s low. The technical parameters favor the buying side, but the price needs to form support in order to rise again.
Technical levels
Major support: $4.20 and $3.93
Major resistance: $4.45 and $4.91
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.
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.
