The price of (GMT) could be set for a major rally against Tether (USDT) after showing bullish signs.
Ethereum price saw a relief bounce from $1,600 to $1,800 ahead of merge sentiments leading to other altcoins like STEPN bouncing off from their weekly lows. (Data feeds from Binance)
Price Analysis Of GMT On The Weekly Chart
From the chart, the price of GMT saw a weekly low of around $0.58, which bounced from that range and rallied to $1.
The price has built more momentum as it faces resistance at $1.
If the price of GMT on the weekly chart continues with this bullish structure, it could quickly hit the $1.7 mark.
The volume shows decent buy bids, pushing the price of GMT higher.
Weekly resistance for the price of GMT – $1.
Weekly support for the price of GMT – $0.63.
Price Analysis Of GMT On The Daily (1D) Chart
The price of GMT found strong support at around $0.58, with what seems to be an area of interest on the daily chart.
GMT bounced from its support, forming a bullish trendline that acts as a support and has continued to maintain this structure.
At the point of writing, the price of GMT is at $1, trying to break above the 50 exponential moving averages (EMA), which corresponds to the resistance at $1.
If the GMT price fails to break the 50 EMA region, $0.84 would be a good support to hold sell-offs and a possible price bounce.
With more buy bids, we could see the price of GMT breaking out and retesting $1.7, which has been resistance on the weekly chart.
The RSI for GMT price on the daily chart is above 55, indicating healthy buy bids for GMT.
The volume for GMT looks good, indicating positive signs for prices to trend higher.
Daily (1D) resistance for GMT price – $1.
Daily (1D) support for GMT price – $0.84, $0.59.
Price Analysis Of GMT On The Four-Hourly (4H) Chart
The price of GMT has shown a bullish breakout from a symmetric triangle on the 4H chart, but the price was rejected.
GMT has struggled in this region, forming a range in a triangle with price rejecting from $1.1.
GMT price is $0.994, trading above the 50 & 200 EMA at $0.95 on the 4H chart. This price would act as a support area for GMT on the 4H chart.
Four Hourly (4H) resistance for GMT price – $1.
Four hourly (4h) support for GMT price – $0.92, $0.84.
A break below these support zones could send the price of GMT to a region of $0.80, acting as a good support area.
Featured Image From Coin24h, Charts From TradingView.com