$GMT
$GMT Analysis: Bottom Fishing or Further Dip? 📉
Market Overview:
$GMT is currently facing significant selling pressure, trading down by over 6% today. Looking at the 1-hour chart, the price action remains bearish as it stays below the middle Bollinger Band and key moving averages.
Technical Breakdown:
Support Zone: The immediate support is sitting at $0.01892. This is a crucial level; if it breaks, we might see a deeper slide.
RSI Check: The RSI (10) is currently around 36, suggesting the asset is approaching the oversold territory. This often indicates that a relief rally or a short-term bounce could be near.
Resistance: To regain bullish momentum, GMT needs to break and hold above the $0.01981 mark (MB line).
Trading Thought:
For those looking for an entry, watch the price action around the $0.01892 support. If it holds, a quick scalp trade toward $0.020 might be possible. However, keep a tight Stop Loss (SL) as the overall trend is still downward.
What’s your move? Are you Buying the dip or Waiting for more blood? Let me know in the comments! 👇
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