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- 1 GateToken price is broke below the key moving averages showcasing that the crypto is bearish on the technical chart.
- 2 GateToken halted near the value of $10 and currently trading at the level of $6.93.
GateChain is a blockchain platform that prioritizes the security of digital asset transactions. The platform’s proprietary token, GateToken, is primarily utilized for covering transaction costs. Additionally, GT holders can participate in network validation and security, earning rewards in the process.
The platform distinguishes itself by providing an on-chain wallet, allowing users to manage their digital assets natively, without the intervention of external wallets. Gate Chain is also compatible with the Ethereum Virtual Machine EVM, facilitating the seamless deployment of Ethereum-compatible smart contracts.
With an impressive block generation time of only 4 seconds and the capacity to handle up to 2745 TPS, GateChain stands out for its efficiency. Moreover, it maintains competitively low transaction fees, starting from just $0.0001.
GateChain empowers developers to innovate by enabling them to craft and implement their smart contracts, thereby unlocking a broad spectrum of applications.
In a bid to attract developers from the Ethereum ecosystem, GateChain has introduced a new account type known as the ‘EVM account’ and has made enhancements to its account infrastructure. This feature is complemented by support for Ethereum’s 0x address format, allowing for asset management across both GateChain and Ethereum platforms using a single address, thus streamlining the user experience for developers.
Gate Token (GT) Price Analysis: Will It Break Below 200 EMA level?
GateToken price has been declining amid price action. Token holders have been waiting for a long time for the crypto price to recover and soar to its recovery phase. However, sellers have been continuously raiding the crypto to create a shortage in the market.
Buyers on the other hand are trying to provide decent support for crypto prices to recover a little by the end of last week’s trading session. Nevertheless, crypto investors’ may expect a bounce back in the upcoming sessions.
GateToken’s price forecast indicates a downtrend for the cryptocurrency, with the price breaking below key exponential moving averages, indicating a bearish trend under the control of sellers.
The GT cryptocurrency has been experiencing price drops over the past few sessions, struggling to maintain gains and currently heading towards a downward trend. This week, the crypto has seen a decline of over 5.34%, further demonstrating a bearish sentiment in recent sessions. Technical charts have shown seller strength and profit-taking, while the price is currently below major EMA levels, indicating further weakness for the cryptocurrency.
The RSI curve is hovering near 41.56, considered an oversold zone with a negative outlook, indicating bearish sentiment in the crypto market. Meanwhile, the MACD indicator is forming a red band and a bearish crossover, suggesting a corrective move.
Additionally, GateToken crypto is showing signs of weakness as it falls below the 100-day EMA, a key long-term trend indicator. The crypto is currently trading at $6.8996, showing a rise of 1.29% on the day, and has a market cap of $665.13 Billion.
Summary
GateChain is a blockchain platform that focuses on the security of digital asset transactions, and its proprietary token, GateToken, is used for transaction costs and network validation. GateToken’s price has been on a downtrend, with sellers causing a shortage in the market. Buyers are trying to support the price, but the cryptocurrency is currently heading towards a downward trend. Technical charts show bearish sentiment, with the RSI curve hovering near an oversold zone and the MACD indicator suggesting a corrective move. Additionally, GateToken has fallen below the 100-day EMA, a key long-term trend indicator.
Technical Levels
Support Level: $6.26604
Resistance Level: $8.59773
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
