In this new crypto nugget of the environment, we look at the GMT cryptocurrency, which, after a strong rise in the first half of 2022, has been developing in a downtrend for several months. However, in 2023, like the entire market, the asset has the opportunity to start growing again. Today we are going to take stock of the asset situation by pointing out the key levels to keep an eye on and the bias to keep in mind in the coming months.
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Is the resumption of the weekly pivot a convincing development?
In a weekly unit of time, we can see the evolution of GMT in a range with an upper limit of $0.607 and a lower limit of $0.22. Currently, the price has just reintegrated up the range support zone located at $0.3731. After a powerful rise in early 2023, the price pulled back from the upper boundary, temporarily falling below the pivot of the range.
The current challenge is to keep the price above the pivot point and get rid of the EMA triple (13/25/32), which gives a good indication of the overall trend of the asset. When you get there, the price will make a strong bounce after falling. As a result, as long as the price manages to win and keep this technical confluence, we can choose to return the price to the upper border.
However, if GMT fails to maintain its range pivot and drops below $0.282, it will likely return to its low at $0.22. Indeed, the inability of the price to stay above the pivot point will be a powerful push for buyers and will force the asset to register in a strong downtrend.
Can GMT soar higher?
Recently, when passing under the pivot zone, the price reacted very interestingly to the technique, the HVN of which is at the level of $0.297/0.324. Currently in the main technical zone, everything is in play at the moment as the Pivot is in confluence with the volume profile breakpoint. If GMT manages to maintain its current levels on a daily basis, the price is likely to bounce towards $0.475 (red zone) and then two gray zones higher in the second phase.
On the other hand, if GMT does fall below the pivot zone and price acceptance occurs in that zone, then there is no doubt that GMT will head towards its recent low at $0.297/$0.324. In this context, barring a second bounce, the price will undoubtedly return to $0.257, which is the technical level at which the price reacted during the first weeks of 2023.
Here we come to the end of this analysis of the GMT cryptocurrency. We are facing an asset that is at a key level and we will have to hold onto the decline after the pump in order to hope for a continuation of the strong bullish momentum. Of course, nothing is played yet, as a pass under the pivot would be a clear invalidation for buyers and would force the asset to take a powerful straight down direction to the designated levels.
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