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.



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