#GFT/USDT Breaks Out of Downtrend, Watch for Sustained Momentum
GFT/USDT has broken out from the descending trendline that had been acting as resistance since April. The breakout occurred around the $0.02300 level, with the current price trading near $0.02395. This move marks a significant shift, as the price has successfully surpassed the $0.02200 resistance level
MA 200 (4-hour): The price is currently above the 200-period moving average, which is at $0.02004. This positioning suggests a positive shift in trend and potential support from the MA.
RSI: The Relative Strength Index (RSI) is at 64.45, indicating a bullish sentiment but not yet in the overbought territory. This suggests there may still be room for further upward movement before the asset becomes overbought.
MACD: The MACD indicator shows a bullish crossover with the MACD line at 0.00001 above the Signal Line at 0.00058. This crossover further confirms the bullish breakout and suggests an increase in upward momentum.
The breakout above the descending trendline and the $0.02200 level indicates a potential shift in market sentiment towards a bullish trend. The increased trading volume during the breakout suggests heightened market activity and interest in GFT.
Bullish scenario
If the price can sustain above these levels, it may target higher resistance levels, potentially around $0.02500 or beyond.
Bearish scenario
However, traders should be mindful of the key support zone between $0.01500 and $0.01800, as a failure to maintain the breakout could lead to a retest of these levels.
Disclaimer: The information and publications provided by 6thTrade are for general informational purposes only and do not constitute financial, investment, or trading advice. Past performance is not indicative of future results. All trading decisions are the responsibility of the individual, and 6thTrade is not liable for any losses or damages that may arise from the use of this information.
