GateToken Price: Bullish Continuation Pattern and Outlook for 2023
GateToken (GT) has been showing a bullish continuation pattern recently as its price has surged by 20% from the recent low of $4.300. The GT token price has also exhibited a golden crossover, with the price trying to sustain above the $5.00 level. With these developments in mind, the question that arises is whether the GT price will reach $8 by the end of 2023.
Bullish price trends with upward momentum
GateToken’s price has been performing well in recent months, recovering from its previous support level of $4.300 and climbing steadily. The GT price is currently trading at $5.2140, representing an intraday decline of 1.35%. Despite this decline, the GT token has managed to sustain above both the 200-day and 50-day Exponential Moving Averages (EMAs), illustrating the strength of the upward momentum.
The ongoing positive sentiment in the GT price has been evident since the beginning of January, when the price downfall halted near $3.00 before taking a U-turn. Buyers managed to push the price above the 50-day EMA, triggering more positive sentiment and turning the short-term trend in an upward direction.
As of now, the prices have rallied by approximately 94% within a few months. The momentum halted near $5.50, and prices witnessed minor profit booking from the supply zone. However, the 50-day EMA has acted as strong support, with prices bouncing back with strong momentum. The trading volume is currently declining, indicating that fewer participants are active and prices may consolidate for some more time.
Chances of continuing the upward momentum
It is worth noting that the GT price has managed to break out of the pre-FTX collapse level and is continuing to sustain at higher levels. This is a positive sign, indicating that responsive buyers are active in the market. A short-term correction could bounce back from the lower levels if buyers succeed in breaking the $5.500 resistance level, potentially leading to a rally towards the $8.00 mark.
However, if the price drops below $4.3300, concerns may arise for long-term investors. Technical analysis currently suggests that the GateToken price is in an uptrend and that the upward momentum might continue.
GT price’s exhaustion at the supply zone
The GT price has been forming a Doji candle on the weekly timeframe, indicating price exhaustion. Nevertheless, the price can pick up momentum when it breaks out of the previous swing high at $5.500. The GT prices have had an impressive rally, and they might enter into a wide range of consolidation before deciding on the next direction.
The Moving Average Convergence Divergence (MACD) curve generated by a negative crossover indicates mild bearishness. Meanwhile, the Relative Strength Index (RSI) is currently at 47 – a neutral territory, reflecting an equal level of the tug-of-war between buyers and sellers.
Conclusion
The GateToken price has indeed performed well in recent months, providing decent returns for long-term investors. The GT price’s bullish continuation pattern and the increased buyer activity compared to sellers indicate a positive outlook. Accordingly, technical analysis suggests that GT is in a bullish phase and that any short-term correction will likely bounce back from lower levels.
If the GT price manages to break the resistance levels of $5.5000 and $6.5000, there is a high probability that it will reach $8.00 by the end of 2023. However, investors should note the current support levels at $4.300 and $3.0000 in case the price takes a downward turn.
Disclaimer
The views and opinions stated in this article are for informational purposes only. They do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. Conduct thorough research and consult a professional before making any investment or trading decisions.
