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- 1 Indicators need a clear direction, with decreasing volume and high volatility.
- 2 Social volume and dominance are also decreasing, signaling reduced crypto awareness.
The GAS price chart shows significant activity from bulls and bears on the daily chart. The token price rose from $1.75 on 20th October 2023 to $29.75, closing at $22.70.
After that, on November 10th, the price plunged big and consumed 70% of its earned gains by November 21st, 2023. This scenario looked like a pump-and-dump scenario on the daily chart.
After December 2023, the price ended up consolidating, with a trading range of $4.25 to $7.0. Once this range is broken, it may lead to more significant moves in GAS, but until the range is intact, the movement cannot be predicted.
At press time, the GAS token price trades at 5.66 with an intraday 1.80% loss.
Therefore, if the bulls take control, the flight could be upward, and the primary resistance would be $8.0 and $11.0. However, if the price fails to go below $4.25, the price could invite bears and reach depths in the process.
Indicator Analysis Of GAS Crypto Over Daily Chart
The GAS crypto has been hovering near the 20-day and 50-day EMAs for a couple of months, MACD has been moving adjacent to the signal line for a long time, and RSI is neutral at 45.98.
Combiningly, the indicators highlight no movement and activity, and the range remains unbroken and undisturbed. If the range is broken, significant movements in GAS may occur. However, as long as the range remains intact, the movement cannot be accurately foreseen.
GAS Price, Volume, And Volatility Analysis
The GAS chart previously showed a correlation between price and volume. However, the price began to fall, accompanied by a decrease in volume. The Santiment/ chart indicates that the price is not stabilizing, with a gradual reduction in volume suggesting high price volatility.
Furthermore, the relationship between price, volatility, and trading volume suggests that there may be an impending shift in momentum for the price of GAS, as it is currently unstable with low volume and high volatility.
GAS Social Dominance Analysis
Moreover, the social volume and dominance seem to be decreasing in recent sessions with the fall in price. The fall in social volume and social dominance also indicates the decreasing crypto awareness among users.
Summary
The GAS price chart has seen significant activity from both bulls and bears, with a rise to $29.75 followed by a steep plunge. The price is currently consolidating between $4.25 and $7.0, with the potential for more significant moves if the range is broken. Indicators need a clear direction, with decreasing volume and high volatility. Social volume and dominance are also declining, signaling reduced crypto awareness.
Technical Levels
Support Levels: $4.25
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.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
