GateToken (GT) is a cryptocurrency that has seen impressive growth in less than a year. The token offers innovative technology that has catalysed its adoption into mainstream trading. Recently, the GT price has seen a big recovery of 20%, resulting in a bullish continuation pattern. This indicates a significant possible upward trend, with the token sustaining prices above the 200-day EMA.
Insider trading that occurred in late December caused a price dip, however, the GT price recouped and has been trading close to the $5.2140 mark with a 24-hour trading volume-to-market cap ratio of 0.0018. A bullish pattern has been forming with higher swing highs and a 50-day EMA offering strong support. This gave the cryptocurrency a strong upsurge of nearly 94% since the beginning of January. The trading volume has since decreased and this has led to a period of price consolidation.
Despite the losses incurred in December, GT has managed to rise from pre-FTX collapse levels and continuing its rise. This is thanks to the buyers that have been dominating the sell-off. A break of the $5.500 hurdle could lead to further progress, with $8 achievable by 2023 end. Though, a drop below $4.3300 would be a cause for concern and signal a long-term downturn.
The MACD curve currently indicates a mild bearishness and the RSI sits at 47 in neutral territory. Gatetoken is currently in a bullish trend, and any appropriate consolidation will signal an even stronger upswing. Resistance levels are at $5.5000 and $6.5000, with support levels sitting at $4.300 and $3.000.
Overall, Gatetoken has experienced considerable growth in the past few months. Buyers are dominating the sell-off, and any short-term correction should experience a bounce-back from the lower levels. Though, investors should still be aware of the risks associated with cryptoassets and be mindful when making investments.
Sarah Walker
- 2023-05-06
Gatetoken (GT) Experiences Bullish Continuation Pattern
Gatetoken (GT) is experiencing a surge in price and forming a bullish continuation pattern. Insights on the bullishness of GT, supported by analysis on its technical indicators and predictions on what investors should watch out for when making investments in the cryptoasset.
![CandleFocus Gatetoken-cryptocurrency-bullish-price-MACD-RSI](https://images.candlefocus.com/Gatetoken-(GT)-Experiences-Bullish-Continuation-Pattern.jpg)