GMT Price Drops Despite Bullish Sentiment! What’s Next For GMT Price This Month?

The post GMT Price Drops Despite Bullish Sentiment! What’s Next For GMT Price This Month? appeared first on Coinpedia Fintech News

Despite the crypto market displaying a bullish sentiment today, the GMT price has recorded a correction of over 10% in its valuation. The GMT price had recently recorded a peak of $0.4441, following which the price has been constantly trading under a bearish influence, highlighting a bearish trend reversal in the crypto space.

The GMT price traded in a narrow space between $0.2466 and $0.2707 for a brief period. Following this, the bulls lost momentum and witnessed a breakdown, but the bulls regained momentum, resulting in a bounce back within the range.

After trading sideways for a while, the bulls gained enough momentum to break out of the resistance level. The GMT coin price then traded sideways between $0.2707 and $0.2956 for a while.

Chart: TradingView

Following this, the price recorded significant price volatility, resulting in the GMT price trading between $0.2956 and $0.3198 for about a week. The year 2024 started with significant volatility as the price displayed constant pumps and a correction in its value.

The GMT price jumped over 28% within the first three days, following which the coin experienced a correction of over 29%, resulting in the price levelling all its gains.

Recently, the GMT price jumped over 64%, after which the price faced rejection at $0.4441 and recorded a correction of approximately 24% in its valuation.

Will The GMT Price Increase?

The technical indicator, MACD, displays a rising red histogram, indicating an increase in the selling pressure within the market. Moreover, the averages show a constant decline, suggesting the price will continue losing momentum in the coming time.

If the bulls push the price above the resistance level of $0.3433, the GMT price will regain momentum and prepare to test its upper resistance level of $0.3665. Further, if the market holds the price at that level, the GMT price will attempt to test its resistance level of $0.40 in the coming time.

Conversely, if the bears continue to hold power, the price will fall to test its support level of $0.3198 this week. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.2956 by the week ahead.