GMT price spiked by 25 per cent in yesterday’s trading session. However, today, the prices look to be in a correction, with the current drop at press time already at 5 per cent. Despite yesterday’s spike, the latest fundamentals and data have not been on GMT’s side.
For instance, the last two quarters have seen the platform suffer from DDOS attacks, while still dealing with regulatory sanctions. It has also operated in a bearish market for cryptocurrency, which has made it hard for it to recover from months of a bearish trend.
In an analysis carried out by Dune Analytics, data has also shown that the number of active users on their BNB chain version has reduced by 90 per cent in the past two months. Moreover, as it continued to struggle with the number of users on its platform, GMT was also bleeding in the markets, dropping by 75 per cent between May and June.
However, July has been different. Even before the current bullish trend, the GMT was also showing signs of a trend reversal late last month, when after hitting a price monthly low of $0.53, the prices recovered to close the month at $0.84, a 53 per cent price surge.
The chart below shows that most of July’s 27 per cent price surge happened in yesterday’s trading session. However, the session may have started a new move to the upside that will see a long-term bullish trend continue throughout the month. Therefore, despite today’s drop of 5 per cent at press time, the intraday is showing that prices are already recovering and bullish.
I expect the GMT to continue going up, and there is a high likelihood that today’s session will close with a price gain. I expect the prices to hit the $1.7 resistance level in the next few sessions. However, my analysis will be invalidated if the price drops below the $0.85 support level. At that point, the bearish trend will have been established.
This post was last modified on Jul 19, 2022, 16:52 BST 16:52