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.
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.
