Gate (GT) Price Hits All-Time High as Traders Eye Potential Selling Pressure

Key Takeaways

• GT peaked at $13.63, reaching key Fibonacci resistance.
• Momentum is strong, but a near-term pullback is probable.
• Maintaining this level is crucial for a continued uptrend.

Gate.io’s native token, Gate(GT), has staged a strong uptrend, breaking out of a prolonged descending triangle and initiating an impulsive five-wave Elliott Wave pattern. The price peaked at $13.63 today, slightly above its all-time high.

However, despite the bullish momentum driving significant gains, there are some signs that GT might face resistance, causing a downturn.

GT Price Analysis

The daily chart illustrates a powerful rally within a descending triangle after a prolonged accumulation phase.

Following the breakout in December 2023, the price surged impulsively, developing a five-wave pattern of the Elliott Wave structure and reaching a high of $13.34.

This marks a significant recovery, with bullish momentum driving the price to its previous all-time high and slightly above it.

The Relative Strength Index (RSI) has entered the overbought territory, reflecting the strength of the recent rally but also hinting at a potential cooling-off phase.

Despite this, the bullish structure remains intact, with Fibonacci levels serving as key zones for future consolidation or retracement.

Key Observations

Wave (v) Completion: The price completed wave (v) at $13.63, a key Fibonacci resistance level.

RSI Overbought: The RSI suggests overextension, increasing the likelihood of a near-term pullback.

Further analysis indicates a possible consolidation phase before another potential move higher. Holding above $11.50 will be critical for sustaining the current bullish momentum.

GT Price Prediction 

The hourly chart for GT reveals a powerful impulsive wave structure, forming a wave (v) of a higher-degree Elliott Wave sequence.

The price has surged slightly past the $13 all-time high, marking a significant breakout from previous resistance zones. 

This is the ending wave of the uptrend since Nov. 5, and there are reasons to believe it was concluded. The hourly chart RSI also shows signs of overextension, reaching 82%, while the price action was briefly flat today below $13. 

If not completed, the upside potential remains limited, potentially involving an interaction with the 0.786 Fibonacci extension level at $13.63. 

Worth noting is that the overall structure remains bullish, and only wave analysis and the RSI point at the potential top in conjunction with the price revisiting its all-time high. Fibonacci levels and prior breakout zones act as critical areas to watch.

Key Levels to Watch

Support Levels:

• $12.50: Immediate support level from the recent breakout zone.
• $11.50: A stronger support area coinciding with the previous wave (iv) zone.
• $10.01 (0.5 Fibonacci): Deeper retracement level for maintaining bullish sentiment.

Resistance Levels:

• $13.63 (0.786 Fibonacci): Current resistance and wave (v) completion zone.
• $14.00: Psychological resistance and a potential target for extended upside.
• $15.00: Long-term resistance, marking the next key milestone in the uptrend.

A sustained move above $13.63 would confirm further bullish continuation, while holding support above $11.50 will be critical for preserving the broader uptrend.