GT Price Escapes A Cup and Handle Chart Pattern With A Projected Return To $6.91: Time To Buy?
Gate token (GT) price started a rally southward in early November as bears took charge of the market. The bearish takeover sent the price down around 40.18% to the $3.0 level. However, on New Year’s Eve, bulls found a U-turn and used it to change the fate of GT investors. Every trading session since then has been defined by bulls putting in the work to regain all the ground lost in the last two months of 2022.
The 2023 bull run was briefly interrupted when bears attempted a resurgence on February 3. After a week of bearish sentiment, bulls finally took over on February 10, sending the price up 23%. This price action has led to the appearance of a Cup and Handle chart pattern on the Daily chart (see below), indicating a bullish outlook aiming for higher levels. However, the price has escaped this technical formation with a projected return to the $6.91 level last tested around April.
At the time of writing, Gate token was exchanging hands for $4.94 after gaining 5.74% on the last day. Similarly, its market capitalization was up 5.77% to $536.9 million, placing GT at #84 on the CoinMarketCap list. The token also recorded remarkable trading activity, a 226.74% increase in 24 hours to $3.776 million. This indicates an increase in trading activity for the Gate token.
Gate (GT) is the native token for Gate.io, a full-service digital asset exchange platform that supports millions of users globally. The platform prides itself on offering industry-leading security and successful audits that have shown 100% proof of reserves (PoR).
GT Price Reacts To Positive Developments On The Network
In a recent announcement, Copper.co revealed its integration with Gate.io, allowing institutional clients to trade on the exchange while keeping their funds with Copper.co.
We’re delighted to announce that @gate_io has officially integrated with the #ClearLoop network, giving clients an option to trade on the exchange while keeping their funds with Copper. Full details: https://t.co/7pZQyGXwuq pic.twitter.com/fw9WkBBWoD
— Copper.co (@CopperHQ) February 17, 2023
Bringing Copper.co’s ClearLoop solution to serve Gate.io clients will benefit both parties. This is because “institutional clients can utilize Copper.co’s technology to deploy capital on the exchange and trade immediately.” Moreover, they can maintain independent custody of their funds with Copper.co. Citing Copper CEO Dmitry Tokarev:
Copper is here to support the drive towards mitigation of counterparty risk and help institutions engage with crypto assets in a secure, faster, and easier way.
Besides underscoring the importance Gate.io places on user asset protection, the integration highlights the platform’s commitment to speedy response to current market concerns. This inspires confidence among GT community members. Gate.io founder and CEO Dr. Lin Han is also optimistic about the integration, saying:
We are committed to building a solid foundation of trust with institutional clients and believe integrating the ClearLoop network will help achieve this.
The comments are inspired by the realization that the integration will enable Gate.io clients to unlock higher allocations. They can also diversify counterparty risk and achieve greater capital efficiency.
In another development on the Gate.io ecosystem, the network announced the launch of a new Market Maker Referral program, positioning users to earn big rewards.
📣 https://t.co/8kWqgEeplL is launching a new Market Maker Referral Program
Enjoy 3 Big Rewards🎁
Up to $3,000 USDT per referral 💰
Registration Time: Feb 20-April 20, 2023 UTC⏱
Register here: https://t.co/4YujigHj3j pic.twitter.com/3ZyAeWC0ab
— Gate.io (@gate_io) February 20, 2023
The market referral program is an initiative of the Gate Institution in its move to upgrade the VIP Sharing Campaign. As a referrer, you can earn up to 3,300 USDT cash rewards when you invite market makers from other exchanges to join Gate.io.
In the latest report, Gate.io has obtained Hong Kong TCSP license, giving the platform permission to expand its services in the special administrative region of China.
Gate Group announces having obtained Hong Kong TCSP license, allowing us to expand our compliant, secure & comprehensive custody services in HK.
We’re committed to providing better solutions for our clients & are working on a new platform, Gate HK.
Stay tuned for updates! pic.twitter.com/YH3qhpeJaa
— Gate.io (@gate_io) February 20, 2023
The price has reacted to these positive developments on the Gate.io ecosystem.
Will GT Price Do The 39.81% Climb?
After turning away from the November 5 high at $4.8, the GT price embarked on a downtrend all the way to the $2.92 support floor. This led to 40.18% in cumulative losses. The $2.92 support floor then provided a launch pad for the Gate token, which recorded a series of higher highs and higher lows to reach the Cup’s neckline at the end of January.
The inability of the buyers to sustain the higher highs saw the price drop toward $4.2 before mildly recovering to the $4.8 level on Monday morning. This move completed the Cup’s handle, thus validating the Cup and Handle chart pattern. However, before the end of yesterday’s trading session, the price had escaped beyond the technical formation to a high of $5.4. In today’s trading session, bulls are building on top of yesterday’s gains as they plan a run to the $6.91 level.
A Cup and Handle technical setup is a significantly bullish chart pattern that, if confirmed, could trigger massive buy orders for GT token.
An increase in buying pressure from the current level will see GT record more gains toward its target. To get there, however, the price must breach the resistance at the $5.7 psychological level. Overcoming this barrier would mean bulls managed to beat the supplier congestion around that zone and make a homerun to the $6.91 target.
Such a move would bring the total gains to 39.81% from the current price.
GT/USD Daily price
The upward movement of the Moving Average Convergence Divergence (MACD) indicator supported the positive outlook for Gate price. The indicator was proceeding with the northward trajectory in the positive zone above the mean line. Notice that this trend-following oscillator recently sent a ‘call to buy’ GT when it crossed above the orange line.
Furthermore, there was also a pending golden cross that would manifest once the 50-day Simple Moving Average (SMA) (line in yellow) crossed above the 200-day SMA (purple). The SMAs also provided strong downward support for the Gate price, presenting breathing bases for bulls when they needed to replenish their buying momentum.
The position of the Relative Strength Index (RSI) at 67 also showed there was more room to the upside as the Gate token was not yet overbought.
On the downside, the RSI was facing downward, a sign of buyers leaving the scene. If the trend continues, the RSI could soon send a ‘sell signal,’ and Gate price could reverse its trend and head south.
A rally south would see GT price lose the neckline support and that offered by the 200-day, 50-day, and 100-day SMAs at $4.09, $4.07, and $3.78, respectively. This would expose the price to a free fall to the bottom of the Cup at $2.92.
Besides the Gate token, consider CCHG, the native token for the C+Charge ecosystem whose presale is doing exceptionally well.
Good morning C+Charge Crew!🌞
What is the best green energy crypto on your list at the moment?
We will go first: $CCHG 😎
— C+Charge (@C_Charge_Token) February 20, 2023
The CCHG presale has collected over $1.25 in token sales, and analysts are optimistic about its performance this year. Buy C+Charge tokens in presale and start earning carbon credits for charging your electric vehicle (EV) on our blockchain-powered network.
Fight Out (FGHT) – Move to Earn in the Metaverse
- CertiK audited & CoinSniper KYC Verified
- Early Stage Presale Live Now
- Earn Free Crypto & Meet Fitness Goals
- LBank Labs Project
- Partnered with Transak, Block Media
- Staking Rewards & Bonuses