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    Green Metaverse Token (GMT) – Back to Bullish?

    By Ammar Mukhtar

    May 17,2022

    9:49 AM UTC

    GMT potential wise is a very good investment for the long term. The coin although is retracing and filling up the void which was left on Monthly Time Frame, and we can say that Monthly wise it’s still bearish. The low although is around 0.006$ when it was launched on the Binance platform. So unless that gets broken structure-wise on the Monthly Time frame, GMT is still bullish, but as it’s not really necessary to consider that when doing intraday trading so Monthly wise it’s still bearish.

    Moving down to the Daily Time Frame, it can be observed that price has shifted its structure to the downside and the last Demand zone was flipped by the continuous supply of bears. This shows that on a bit lower time frame as compared to Monthly, then the price can be considered bearish. Talking about the Momentum of price, which is very much stronger in nature. So for that, a huge number of bulls are required to end the retracement wave and continue the price higher. But for now, the Daily and Monthly Time frames are quite bearish and its ideal to continue with the trend until the trend does not trend anymore.

    Moving down to the last time frame which is 4 hours, the last structural low and structural high has been marked as shown in the chart. So this is the price range we are trading for now. Now in here, price does have a potential to the upside to some extent. Drawing Fibonacci and looking at the volume of current buyers shows that price may push further up, and in that, an ideal situation would be a corrective nature which price is doing right now.

    Talking about the current level of price, the price is within the range of the order block which is giving resistance to the price to continue up but too many taps in such zones show that orders are being filled up which eventually are making the order block weaker. So considering that as an inducement for early sellers, and a fake-out to the downside of the trend line may push the price upwards to get maximum liquidity as it can. Above there is a hidden order block that aligns with the Fibonacci golden ratio from where the next start of an impulsive move can be expected.

    If in case this zone gets violated by the price, then this scenario would be invalidated and there will be a need to reanalyze the pair.

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