GateToken (GT) Rockets Past 10% Gains, Will It Break Barriers or Burn Out?

• GateToken is trading at $16, reflecting a gain of over 10%.
• GT’s daily trading volume has surged by more than 86%.

With a brief 1.10% bullish correction, the crypto assets have stepped into the green zone, reclaiming their recent highs. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are hovering at $106.1K and $2.5K. Among the altcoins, GateToken (GT) has emerged as one of the top gainers, gaining by over 10.30% in the last 24 hours.

GT kicked off the day trading at the bottom range of $15.27; later it broke through the resistance at $15.68 and $17.11, reaching its daily high of $17.38. At the time of writing, GateToken traded in the $16.86 range, with a market cap of $2.07 billion. In the meantime, the daily trading volume of GT is up by over 86.21% to $13.25 million

Zooming in on GateToken’s thirty-day price chart, it has plunged by over 21.51%. The asset began the month trading at a high range of $21, and eventually it dropped to a low of $14.

Is GateToken Poised for More Gains?

Assuming GateToken’s bullish momentum expands, the price could climb and test the immediate resistance at the $17 range. The bulls with further upside correction might trigger the golden cross to unfold. The price may move up to the crucial range above the $17.20 mark

Upon the reversal, the price might slip to the nearby support level at $16.79 If the death cross takes place, the GT price could confront a series of support ranges at around $16.50. In the event of the price sliding further, it may revisit the former support levels

*GT chart (Source: TradingView)*Moreover, the technical analysis of the asset exhibits that the Moving Average Convergence Divergence line is above the zero line, but the signal line is below. It suggests the formation of early bullish momentum. If the MACD continues to move up, a stronger bullish trend is ahead. Besides, the Chaikin Money Flow (CMF) indicator is settled at -0.13, indicating that the money is flowing out of the asset, with moderate selling pressure in the market.

GateToken’s daily relative strength index (RSI) is found at 61.44, signalling a mild bullish momentum, potentially pointing to continued gains if the trend holds. Additionally, the Bull Bear Power (BBP) value of 1.342 implies that the bulls have the upper hand in the market.

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