TradeCityPro | GT: The Ascent of GATE.io’s Native Token👋 Welcome to TradeCityPro!
In this analysis, I will review the GT coin, the native token of the GATE io exchange, which is one of the largest cryptocurrency exchanges globally, currently ranked 12th.
📅 Weekly Timeframe
In the weekly timeframe, we observe a very large and long-term box ranging from 2.941 to 8.395, where the price has been moving for about 1260 days.
🔍 After the price bottomed at 2.941, a bullish momentum entered the market, and after reaching 5.626, it established a new bottom at 3.617. Following the breach of 5.626, it reached and eventually broke the 8.395 ceiling.
🚀 Currently, the price has pulled back to the 8.395 area and has separated itself well from this range. The market volume has converged nicely with the price, confirming the bullish trend. The price is now at its ATH and has passed the 0.618 Fibonacci extension, heading towards 0.786.
🧩 The RSI oscillator is very high at 88, indicating a lot of greed in the market. A significant resistance exists at 95.62, and there is a possibility that the price could reach this area. However, while the potential for further bullish movement exists, it’s crucial to note that the RSI is very high, and any weakening of the trend could lead to deep and unexpected corrections.
✨ There’s also a curved trend line visible, which could serve as dynamic support in case of corrections.
📅 Daily Timeframe
As seen, the price has broken the crucial resistance of 8.395 and after a pullback to this area, it has breached the 10.615 resistance with very strong and continuous momentum; it has not undergone any corrections yet.
📈 The RSI has been in overbuy for a long time since breaking 10.615, only dropping below 70 once, indicating very high bullish momentum. Currently, it is attempting to break the 81.68 area in the RSI. If this area is breached, the momentum will likely increase further, and the price could potentially move towards a target of $30.
🔑 It’s important to note that this sharp and uncorrected trend, which has been in overbuy for an extended period, is not a reliable pattern and could face a sharp correction at any moment. However, it might also continue. Personally, I expect to see a sharp corrective candle sooner or later that will take the price out of overbuy and lead to the formation of a new price structure.
⚡️ Currently, no clear trigger can be drawn from this chart since no significant highs or lows have been formed, and it continues to move in a cascade. I personally will wait for the price to form a better structure, similar to when it was below 10.615, and enter a buy position upon breaking the high of that structure.
✅ If you currently hold GT and the price exits overbuy or shows signs of rounding, you might consider securing profits. However, as the price is moving sharply and well, there is no need to close your position now. If you are over 100% in profit, you might consider taking out your initial investment.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
