The GAS token price reveals consolidation and has hovered between the price bands of $5 and $7 over the past few weeks. The token depicts correction from the highs of $25 and is approaching the bearish trajectory below $10 for the past sessions. However, the token is in the correction phase and delivers low investor interest.
The GAS price slips below the 20, 50, and 100-day EMAs and is close to the 200-day EMA mark revealing a downtrend on the charts. Moreover, the token has persisted in a downtrend and is delivering low investor interest. If the token slips below the lower neckline of the zone, the token may retest the demand zone of $3.00.
The cryptocurrency price was $5.70 at press time, with an intraday drop of 0.56%, showing consolidation. Moreover, the trading volume remained average, at $15.67 Million, highlighting low investor interest. The pair of GAS/BTC was noted at 0.000132 BTC, and the market cap is $547.47 Million. Analysts are bearish and suggest that the GAS price will continue to hover in the range and may breach $5 soon.
GAS on Daily Charts Replicates Consolidation
On the daily charts, the GAS price hovers in a biased range and depicts a correction in the past sessions. The token reveals a downtrend, and the sellers have persisted in adding short positions, but a down move is still pending, which is anticipated in the upcoming sessions. The token may attain bullishness only if it sustains above $5.80, which is the prompt hurdle.
The RSI curve stayed close to 50, showing a neutral outlook and depicting a consolidating price action. The MACD indicator shows a bearish crossover and suggests a downfall in the coming sessions.
GAS on Hourly Charts Exhibits Symmetrical Triangle Formation
On the hourly charts, GAS crypto forms a symmetrical triangle formation, and the price is close to breaking the lower neckline of $5 and will soon register a breakdown. Additionally, the sellers have gained momentum and are ready to extend the fall below $5 in the coming sessions. Per the Fib levels, the token has breached the 38.2% zone and is on the verge of the 23.6% zone, which may be breached soon.
Summary
The GAS token price signifies a bearish bias and retardation from the highs was noted, which reflects a negative outlook. Moreover, the token will continue to drag the gains and will go to the demand zone of $3 in the following sessions. The price action signifies lower lows and conveys bear dominance.
Technical Levels
Support Levels: $5 and $4.40
Resistance Levels: $6 and $6.40
