- GateToken price prediction delivers information on the correction phase of the GT token since April 2023
- GT price reported a year-to-date profit of 40.98%
- GateToken price made a head and shoulders pattern which may cause the price to decline.
GateToken’s (GT) price prediction uncovers the correction phase of the market since the fall from the resistance of $5.60. The GT token began the year with an 86% pump from its swing low of $3.00. This rally pushed the GT price to a resistance level of $5.60. The market formed an ascending triangle near the resistance, which broke down in April 2023, causing a decline of 36%. The price bottomed at $3.60 before getting a bounce to the current market price.
At the time of writing, the current market price of GT tokens is $4.27. The 24-hour trading volume declined by 3.89%. The market is up 0.39% in the last 24 hours. The overall market cap of GateToken is $417,435,165
Will GateToken Sustain its Recovery?
Source: GT/USDT 1D Chart by TradingView
GateToken’s (GT) price prediction showcases a phase of correction after a breakdown from an ascending triangle pattern at the resistance. This breakdown forced the GT token price to break the support levels of $4.78 and $4.47 on its way down. This also led to the break of the 200 EMA on the Daily time frame.
Along the way down, the price briefly breached the important support of $3.91 before the bulls pulled the price up by 18.43% to its current level. With this recovery, the GT crypto price reached resistance at $4.47, where the bears are trying to keep the price low. As the 9, 15, and 200 EMAs are running flat, it hints at a sideways consolidating market in the short term.
Will GT Price Break the Head and Shoulders Pattern?
Source: GT/USDT by TradingView
On the 4-hour chart, the GT crypto price is developing a head and shoulders pattern, which is a trend reversal pattern. The neckline of this pattern is at the local support of $4.20. A breach of this level will trigger panic selling, and the GT token might witness a downfall of 7.30% to its lower support level of $3.91.
Since the GT crypto price is trading below the 200 EMA along with the 9 and 15 EMA, the chances of a breakdown are higher. The volume has also declined with the rise in price. This is a sign that volatility may be approaching in the form of the head and shoulders pattern. Meanwhile, the bulls may also try to move up and break the local resistance of $4.47, which can extend the recovery of the GT token.
RSI: The RSI indicator is currently at 46.13. It represents a bearish to a sideways condition where the market may continue sliding down until the RSI exceeds 50.
MACD: MACD is moving adjacent to the signal line while running flat The indicator is moving close to the 0 line. This indicates the market lacks momentum and the price may consolidate in the short term.
200 EMA: On the 4-hour chart, the price is trading below the 200 EMA. This is a bearish sign and an indication that the sellers are in control. The 200 EMA acts as a dynamic resistance and the prices may continue to move down until the price breaks above the indicator.
Conclusion:
GateToken’s (GT) price prediction uncovers the correction phase of the market since the fall from the resistance of $5.60. In spite of the recent recovery, the GT token is unable to reverse the trend as the GT price is trading below the 200 EMA. The present condition is looking bearish, and investors must exercise caution. It would be wise to wait for the breakout of the resistance before considering buying. It’s important to maintain a good risk management strategy to reduce losses.
Technical Levels
- The nearest support level: $3.91
- The nearest resistance level: $4.47
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
