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- 1 GAS price hovers in a narrow range and slipped below the 20-day EMA mark.
- 2 Buyers are trying to gain momentum and looking for a bounce.
The GAS price witnessed a consolidation price action and replicating low volume buying activity for the past sessions. Moreover, the trend is neutral, and the buyers did not manage to gain momentum, so no significant buying activity was witnessed. A break and close above the $7 mark would validate the range breakout and a bull rally. Conversely, if the downside region of $4 will break, a sharp breakdown can be seen ahead.
At press time, the Gas token (GAS) price traded at $5.10 with an intraday decline of 4.55%, reflecting neutrality on the charts. It has a monthly return ratio of -25.89% and 61.78% yearly. The pair of GAS/BTC is at 0.0000834 BTC, and the market cap is $491.44 million. Analysts are neutral and suggest that the Gas crypto may hover in range and consolidate in the range ahead.
GAS Price Volume Profile Analysis On Daily Chart
On the daily charts, the price-to-volume profile of the Gas token showcases minimal ups and downs and has breached the 20-day EMA mark in the last trading session. However, the trend is neutral, and buyers are eager to initiate a rebound and try to reclaim the $6 mark. The intraday trading volume jumped over 11.29% to $20.51 million.
Price Volatility and Weighted Sentiment Outlook
Despite the price consolidation, the price volatility curve reflected a stable move and stayed below the midline; a decline of over 2.20% to 0.011 was spotted. However, the weighted sentiment has a strong positive outlook and remained above the midline around the 0.897 mark.
Social Dominance and Active Twitter Users Insights
The social dominance data witnessed a severe down move and dragged over 22.09% to 1.18%, signifying a negative outlook in the discussion reports. However, the active users on the X platform data noted a sharp fall of over 38.89%, and the value dropped to 2277.
Total Open Interest Data and Whales Activity Overview
Per the Santiment data, the derivative data witnessed a significant decline and stayed lower, delivering an extended unwinding outlook. The value dropped over 21.90% to 11.83 this week. However, the derivative data signifies prolonged unwinding activity. The open interest dropped over 1.22% to $6.21 million, replicating a negative stance. However, the percent of stablecoin data replicates an up move and has surged to 53.876.
Per the Fib levels, the Gas token price has taken support on the 23.6% zone and is sustaining gains above the mid-Bollinger Band zone. Similarly, the RSI curve stayed in the oversold region, and a negative crossover was noted on the charts.
The total supply of Gas tokens is 100 million, whereas the volume-to-market cap ratio is 0.0433, ranked 137 in the global crypto market cap.
Summary
The Gas token price signifies range-bound moves, and the token is stuck below the 20-day EMA mark. Despite the market bearishness, the token has sustained its gains and remained above the mid-Bollinger Band.
Technical Levels
Support Levels: $4.80 and $4
Resistance Levels: $5.30 and $6
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
