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Will GAS Retest $5 or Attain a Rebound?

2 Mins read

Gas is a token built on the NEO blockchain used to fuel the execution of smart contracts. All holders of NEO tokens automatically earn gas periodically. Despite the positive market sentiments, the price faced selling pressure and formed lower lows. The price has showcased a sharp correction and eroded over 58% of gains in the last three months signifying the sellers’ dominance.

GAS price is at a make-or-break zone near the 200-day EMA and is close to the channel lows of $5. However, a tweezer bottom candlestick was formed. Still, it needs a confirmation candle in the form of follow-on buying, which needs to surpass the swing barrier of $5.80 to initiate a rebound. Additionally, the trend is weak, and buyers did not manage to sustain the gains. The correction happens inside the falling wedge pattern, and the bear cartel looks aggressive and is eyeing to throw the GAS token below $5 in the following sessions.

At press time, GAS Token (GAS) is trading at $5.44 with an intraday gain of 2.30%, showing a downtrend on the chart. Moreover, the trading volume increased by 4.90% to $26.48 million, highlighting a pullback from the 200-day EMA mark. The pair of GAS/BTC was noted at 0.0000119 BTC, while the market cap is $523.69 Million. Analysts are bearish and suggest that the GAS price will continue to extend the down move and may break $5 soon.

GAS On Hourly Charts Displays Lower Tops And Lower Lows

GAS Price
Source: GAS Price Chart By TradingView

On the hourly charts, the GAS price is hovering near the 50-day EMA mark and is trying for a pullback to attain momentum. Amid the market positiveness, the GAS token did not impact and continued to drag the gains, which redirected the sellers’ dominance.

The Relative Strength Index (RSI) curve stayed close to the midline, showcasing a neutral projection on the chart. The MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting that the GAS token may continue to face selling pressure and will retest $5 soon.

GAS On Daily Charts Exhibits Falling Wedge Pattern

GAS Price
Source: GAS Price Chart By TradingView

On the daily charts, GAS price has reverted its shine from the spot of $30 and displayed a long rejection wick. Afterward, a bearish engulfing candlestick was spotted, and the follow-on selling led GAS coin price toward its origin. Per the Fibonacci retracement levels, the GAS token is at the 23.6% support zone and is trying to halt the gains. If it slips below that, it will redirect to $4.60. If it rebounds, it will retest $6 in the following sessions.

Summary

GAS Token depicts a sharp rejection from the highs and is heading toward the lows, directing the bears’ dominance on the charts. Moreover, the trend is bearish, and further selling pressure may lead the GAS price below the 200-day EMA support zone and will fall below $5 soon.

Technical Levels

Support Levels:  $5 and $4.60

Resistance Levels:  $6 and $6.70

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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