The last 24 hours saw GMT through its most volatile buying session after witnessing a three-week decline. Establishing base support above $0.12, it is now gaining serious traction on a daily scale.
Along with many other cryptocurrencies, GMT faced resistance in the early month after struggling to reach $0.262. It later lost momentum and rolled to a low of $0.127, where it began to increase last month.
That low level held well and the price bounced back yesterday. Since then, the crypto has been gaining serious traction and is now floating at around $0.2 following an impressive surge in the past hours.
Things are currently looking positive on the daily scale as it slowly foots an increase. As seen on the daily chart, it is forming a bullish (double-bottom) pattern. A further surge could lead to a serious breakout.
While the last 48-hour surge signals an end to the recent correction, a rejection at $0.23 could cause a little reduction. But from the look of things, the bulls appear to be back in action on the daily chart.
Amid rising demand, we can expect a bigger price movement in the next few days as the asset looks bullish on the hourly timeframe.
GMT’s Key Level To Watch
Source: Tradingview
As the $0.127 level continues to hold as base support, we can expect the bulls to reclaim the monthly $0.26 resistance in the next few days. The $0.335 and $0.445 levels are higher resistance to watch for a break-up.
The close support levels for pullback are $0.173 and $0.145. Losing the mentioned base support could cause a serious dump to the $0.1 level.
Key Resistance Levels: $0.26, $0.335, $0.445
Key Support Levels: $0.173, $0.145, $0.127
- Spot Price: $0.2
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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