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- 1 The low volatility shows that the price is stable and that the price is showing sustenance, which is indeed a bullish sign.
- 2 At press time, the GT crypto has experienced a surge of 2.44% in the last 24 hours, and it is currently trading at $7.14.
The GT crypto price was in the bull court from October 2023 and skyrocketed from $3.75 to $11.50 by March 28th, 2024. It performed well in the last six months, as its gains of six months performance stayed at 91.43%. Still, the previous two weeks displayed a violation of the uptrend at the supply level at $11.50, and this week’s performance was also negative as the price deteriorated -6.83% on the chart.
However, the GT crypto has revealed a sign of possible recovery coming soon on the daily chart, as the price showed sustenance gestures at a crucial support level of around $6.75.
Since the price skyrocketed from the same support, there lies a higher possibility that the GT crypto might be set for another colossal surge from the same spot, as the bulls have geared up to crack the resistance level and rocket to new peaks from the current support zone.
The GT token is exhibiting bullish strength reviving in the crypto, and its rising capacity is lurking on the daily chart as it aims to cross major 20-day and 50-day EMAs from below.
Meanwhile, the GT crypto asset is displaying bullish behavior as the MACD histogram is not growing, which is at -0.052 and shows sustenance activity. Similarly, the RSI highlights that it can extend its gains, as it has turned in the 14SMA direction in the hopes of cutting it from below.
At press time, the GT crypto has experienced a surge of 2.44% in the last 24 hours, and it is currently trading at $7.14.
Therefore, if the demand for the GateToken price increases from the current support, it could bounce back remarkably. The next target for the price could be to reach $8.0 and $9.0.
However, if the GT crypto price fails to stay above the $6.75 level, it could decline further.
the GT crypto asset is displaying bullish behavior by Sam_TCR on TradingView.com
GT Crypto Volume and Volatility Analysis
Upon close examination of the chart, it is noticed that the volume of activity in the Gate Token market was particularly high on March 29th, 2024. This heightened activity implies an increase in interest in the market, which has, in turn, led to a rise in price. It is also noted that the volume had previously surpassed the $80.0 Million mark.
However, from March 30th, 2024, volume continued to fall, and a significant descent in GT activity was observed, which illustrated decreased demand and excitement about GT price. The trading volume depleted from $80 Million to the low of $10 Million by April’s second week on the chart.
Similarly, with the price deterioration, the volatility has also declined, which has brought stability to its current price. The low volatility shows the price is stable and that the price is showing sustenance, which is indeed a bullish sign on the chart.
GT Crypto Twitter Followers Are Decreasing
On the GT crypto, there has been a significant decrease in active users and Twitter chatter, and it has been showing a consistent decline in its followers. It can be inferred that the popularity of GT is declining.
The decreasing number of tweets mentioning Gate Token (GT) highlights its declining growth and shows that it has failed to be among the trending tokens of recent times.
Active Addresses are Declining
The number of active addresses in GT crypto represents the actual number of users who have performed transactions in a given period. A higher number of transactions indicates more liquidity and is preferable for GT investors, and a lower number reflects less liquidity.
The GT chart shows the number of 24-hour active addresses fluctuated between December 2023 and April 2024. The number of active addresses dropped, and the number of 24-hour active addresses was 8 active addresses, which was 80 in the last week of March 2024. The 7-day window showed 81, which was 160 in the previous week of March 2024.
Summary
The GT crypto price surged from $3.75 to $11.50 by March 28th, 2024, with gains of 91.43% over six months. Despite recent declines, signs of recovery are seen at the $6.75 support level. Bullish behavior is shown in MACD and RSI indicators, potentially reaching $8.0 and $9.0 if demand increases.
From March 30th, 2024, there was a significant decrease in trading volume and GT activity, leading to a drop in demand and excitement around GT price. The price deterioration brought stability and less volatility, indicating a bullish sign. A decrease in active users and Twitter chatter suggests declining popularity for GT crypto.
Technical Levels
Support Levels: $6.75
Resistance Levels: $8.0
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
