GMT Drops 4%, but Are Buyers Gearing Up for Another Move?
Buyers are attempting to push the GMT price higher, as evident by the wick that was present under today’s daily candle. Throughout the past day of trading, the altcoin was able to overcome the strong resistance level at $0.3755 to trade at its current level.
Should it close today’s trading session above this significant mark, it could have the foundation needed to rise higher in the next few days. If this bullish thesis is validated, the GMT price could rise to as high as $0.5025 in the short term.
However, a daily candle close today below $0.3755 may prevent this bullish move from happening. In this alternative scenario, the GMT price could pull back to the key $0.2975 support level. Continued sell pressure at this point may then put the altcoin at risk of falling to as low as $0.2290 within the following 72 hours.
Bullish Momentum Could Boost GMT
Technical indicators on GMT’s daily chart supported a short-term bullish outlook. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) were flagging bullish at press time. These technical flags not only suggest that buyers are currently stronger than sellers, but also that the altcoin’s positive trend may continue for the next 48 hours.
The MACD line was breaking away above the MACD Signal line, which could be a trend continuation signal. In addition to this, the RSI was positioned above its Simple Moving Average (SMA) line. The RSI was also breaking away above the SMA line. Therefore, it is fair to speculate that buyers are growing stronger than sellers, which may lead to further gains for the GMT price.
Should it close today’s trading session above this significant mark, it could have the foundation needed to rise higher in the next few days. If this bullish thesis is validated, the GMT price could rise to as high as $0.5025 in the short term.
However, a daily candle close today below $0.3755 may prevent this bullish move from happening. In this alternative scenario, the GMT price could pull back to the key $0.2975 support level. Continued sell pressure at this point may then put the altcoin at risk of falling to as low as $0.2290 within the following 72 hours.
Bullish Momentum Could Boost GMT
Technical indicators on GMT’s daily chart supported a short-term bullish outlook. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) were flagging bullish at press time. These technical flags not only suggest that buyers are currently stronger than sellers, but also that the altcoin’s positive trend may continue for the next 48 hours.
The MACD line was breaking away above the MACD Signal line, which could be a trend continuation signal. In addition to this, the RSI was positioned above its Simple Moving Average (SMA) line. The RSI was also breaking away above the SMA line. Therefore, it is fair to speculate that buyers are growing stronger than sellers, which may lead to further gains for the GMT price.