- GateToken hit a new ATH at $25.95 and is currently trading at $24.79.
- The daily trading volume of GT has surged by over 46%.
After a brief bullish correction, the crypto market has retraced to its previous lows. The largest asset, Bitcoin (BTC), has slid to $104K, dragging other assets down, yet GateToken (GT) has surged to a new all-time high of $25.95 despite the prevailing bearish sentiment.
Notably, in the early hours, GT broke through the $24.76 and $25.88 resistance levels, from a low of $24. Further breakout may take place for additional gains, with the approach of the next crucial resistance.
At the time of writing, GateToken traded at $24.79 with a gain of over 2.11%. The asset’s market cap has reached $2.19 billion. In the meantime, the daily trading volume of GT surged to $63.95 million.
Zooming in on GateToken’s seven-day trading chart, the asset has gained over 23.63%. The asset began the week trading at the downside at $19.89 and eventually mounted to the current trading level.
Is GateToken’s Surge Set for the Long Haul?
GateToken’s four-hour price pattern exhibited an upside correction. Assuming the in-progress momentum prevails to expand, the price of GT could hit a new all-time high at $27.48. In that instance, this level would act as a crucial range to watch for extended gains at the $30 mark.
Upon the reversal of the uptrend, a death cross might form and the asset’s price might confront a series of support ranges. GateToken’s initial support could be at $23.92. In the event of the price sliding steeper, it might revisit the former support at the $20 level.
Moreover, the Moving Average Convergence Divergence (MACD) line of the GateToken has crossed over the signal line. This crossover infers positive momentum and is often considered a buying opportunity within the market.
The Chaikin Money Flow (CMF) indicator is settled at 0.18, suggesting a positive money flow and a moderate level of accumulation—buyers are in control. Concurrently, the daily trading volume of GateToken has soared by over 46.64%.
GT’s daily trading window reveals the short-term 9-day moving average above the long-term 21-day moving average. Besides, the daily relative strength index (RSI) of the asset is found at 73.49 indicating the asset’s overbought state.
Disclaimer: The opinion expressed in the article is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.
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