Following a short-lived move above $4.50 on Wednesday, GMT was once again higher, and traded up by over 20% in today’s session. GRT was another big gainer in Thursday’s session, as it moved to a multi-week high, whilst CAKE rebounded after recent losses.
GRT stands for Graph
Newly formed GMT was undoubtedly today’s top gainer, climbing by over 20%, however due to its infancy in the markets, there is not enough history to support a true technical view of its price movement.
A token that had similar initials, however, also generated double-digit gains Thursday. This is GRT.
GRT/USD rose to an intraday high of $0.4084 during today’s session, which saw its price up by over 11% earlier in the day.
This high follows a low on Wednesday of $0.3472. It was very close to its long term support level of 0.3410.
Since then, bulls have carried prices from support up to $0.4040 resistance, which is now holding as previous gains have waned.
GRT currently trades at $0.3779. However, the 14-day RSI remains below its ceiling of 50.13. That could prove to be the biggest obstacle that prevents price rising above $0.4000.
Pancakeswap
CAKE rebounded from a recent multi-week low on Thursday, as bulls seemed to have re-entered, following Tuesday’s engulfing bear candle.
At the time of writing, CAKE/USD had reached $8.37 at its peak earlier in today, after prices began to move away from recent support levels.
After a slight breakout on Wednesday, the floor at $7.40 was reached.
CAKE looks now to be headed for resistance at $9.40 as the market continues to stabilize after months of uncertainty.
CAKE has to first get over the 48 level of the RSI to move towards that resistance. This seems like a ceiling.
This could lead to bulls looking towards the $10.00 level as potential price targets.
Will we see an extension of today’s GRT surge as we head into the weekend? We’d love to hear your comments.
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