GMT heads lower on the price charts after a rejection at this key level

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation

• The decrease timeframe construction flipped to bearish after GMT misplaced $0.4 to the bears
• Futures market individuals had bearish sentiment as nicely

Bitcoin confronted rejection on the $17.3k short-term resistance zone. It slipped beneath the $17k mark, and altcoins confronted promoting strain up to now couple of days as nicely. STEPN token GMT has witnessed a robust bearish development in latest months. The subsequent couple of days had been prone to see losses too.

Learn STEPN’s [GMT] Worth Prediction 2023-2024

The FOMC conferences on 13 and 14 December are anticipated to lead to an increase of 0.5 share factors. Pending financial knowledge may sway issues, and the announcement of a better fee may see a bearish transfer throughout the crypto transfer.

Failure to flip vary highs meant $0.38 was the subsequent goal

Supply: GMT/USDT on TradingView

Highlighted in yellow, the GMT vary prolonged from $0.345 to $0.417, The mid-range mark sat at $0.38. The token has traded inside this vary since 10 November. On increased timeframes, the $0.4 degree has been a big degree. In latest hours of buying and selling, this degree was retested as resistance.

Final week, GMT was unable to climb previous the vary highs as soon as extra. Due to this fact, merchants had been offered with a shorting alternative. Bitcoin’s short-term weak spot can ship GMT decrease to $0.38 as nicely.

Can a bounce be anticipated at that degree? The Relative Energy Index (RSI) and On-Steadiness Quantity (OBV) indicated that sellers had been dominant. The RSI retested impartial 50 as resistance across the similar time the value examined $0.4 as resistance. In the meantime the flat OBV confirmed a scarcity of shopping for strain. Due to this fact, it was seemingly that GMT would slip beneath $0.38 and towards $0.36 and $0.345 within the coming days.

Open Curiosity and funding fee confirmed discouraged consumers

Supply: Coinglass

After 7 November, a big chunk of OI was worn out. This has not been regained within the month since. The formation of the vary mixed with the flat OI urged range-bound buying and selling was prone to proceed within the coming weeks.

On 7 and eight December, the OI and the value rallied, and bulls held out some hope {that a} breakout would materialize. It didn’t, and the previous two days noticed each OI and costs droop. This indicated discouraged bulls, and will see one other wave of promoting quickly.