Gravity (G) Ending Consolidation With More Downside to Come

Key Takeaways

• Bearish pressure persists within the descending wedge pattern.
• The final leg of correction could reach lower Fibonacci extension levels.
• RSI oversold conditions hint at a possible upcoming relief bounce.

Gravity (G) has been in a sustained downtrend, forming a descending wedge pattern on the daily and hourly charts.

The asset is currently testing critical support zones, with Fibonacci retracement levels providing potential reaction points.

The Elliott Wave structure suggests that the correction is nearing completion, but further downside remains possible before a reversal.

Gravity Price Analysis

The daily chart highlights Gravity’s prolonged corrective decline, structured as an ABC wave pattern that started on Dec 19.

The price has consistently respected the descending wedge formation, suggesting that the bearish phase is nearing completion.

The recent drop has pushed the asset to the 1.0 Fibonacci extension at $0.01743, a critical support level.

Wave C, the final leg of the correction, has tested this level but has yet to show definitive signs of a bottom. Should bearish momentum persist, a further drop toward the 1.272 extension at $0.01237 remains possible before a potential reversal.

The daily Relative Strength Index (RSI) indicator hovers near oversold conditions, signaling that a bounce could be imminent. However, any recovery attempt must reclaim key Fibonacci retracement levels before confirming a trend reversal.

Resistance levels to monitor include $0.0214 (0.786 Fib retracement) and $0.02452 (0.618 Fib retracement). A breakout above these levels would indicate a stronger reversal attempt and potential bullish continuation.

For now, Gravity remains within its broader downtrend, and confirmation of a shift in trend structure will require sustained bullish momentum and a break above the descending wedge resistance.

Gravity Price Prediction

On the 1-hour chart, a five-wave structure is developing within the descending wedge, suggesting that Wave (v) is in its final stage.

The ongoing move downward could see a final decline toward $0.01237 (1.272 Fibonacci extension), aligning with the completion of the corrective Wave C.

Wave (iv) saw a slight relief bounce, but the lack of bullish follow-through suggests that bearish pressure remains dominant.

The critical area to watch for a potential reversal is the $0.01743 Fibonacci extension, as a decisive rejection could lead to a deeper decline.

If buyers step in and defend the 1.0 Fibonacci level, the next upside targets include $0.0214 (0.786 Fib retracement) and $0.02452 (0.618 Fib retracement).

A sustained break above these levels would indicate the start of a recovery phase, potentially leading to $0.02671 (0.5 Fib retracement).

Failure to hold current support could see further capitulation, with the 1.272 Fib level at $0.01237 serving as a potential final downside target.

RSI remains in the oversold region, which could signal a temporary relief bounce, but a definitive trend reversal requires increased buying volume.

Key Levels to Watch

• Immediate Support: $0.01743 (1.0 Fibonacci extension).
• Critical Support: $0.01237 (1.272 Fibonacci extension, potential Wave C target).
• Immediate Resistance: $0.02140 (0.786 Fibonacci retracement).
• Key Resistance: $0.02452 (0.618 Fibonacci retracement).
• Breakout Confirmation: $0.02671 (0.5 Fibonacci retracement).