The recent parabolic upsurge in the GOLD Token has left a trail of excitement and skepticism in the crypto market. Having decade a whopping 28,000% increase from its listing price in just a day, this digital currency seems determined to defy gravity. However, its price has since retracted, strumming chords of concern among crypto traders.
EMAs (Exponential Moving Averages) have been instrumental in capping the upside for now, an occurrence that reflects prevailing selling pressure at these levels. Worth noting though, with the GOLD Token trading below these EMAs, the price action presents potential buy zone entry levels for traders seeking to exploit the retracement towards support.
While the RSI (Relative Strength Index) on a 5-minute timeframe currently reads 48.35, it suggests the GOLD Token is not yet in “overextended territory,” fostering room for further gains. This affirms the potential buying opportunities for tactical traders, given the RSI’s ability to reflect retracements and help in spotting ideal buying periods.
However, a persistent selling pressure calls for vigilance, with $0.1673 to $0.1782 presenting the first line of support, likely to attract buying interests. A steeper decline could push the price towards the support that lies between $0.1336 to $0.1549 – a likely accumulation zone for aggressive dip buyers.
Despite the technical indicators bringing optimism to one side with the GOLD Token maintaining an uptrend, the tangled horde of resistance at lower timeframes necessitates a decisive break to brew additional strength. Before then, the opportune traders might see it fitting to skim some profits around the EMA resistance. Similarly, prevailing selling pressure could inspire discount entry opportunities, by pulling potential buyers into the identified support zones.
Meanwhile, the volatility of cryptocurrencies, as highlighted by the swift ascend of the GOLD token is steering the market to more forward-thinking methods. One example is yPredict, which is creating a merger between statistical methods and AI for accurate price modeling. Having raised close to $4 million in its presale, yPredict is determined to sharpen how cryptocurrency traders interact with the market.
As yPredict launches its AI-backed crypto models, traders, market analysts, quantitative researchers, and software engineers are ripe to hit a goldmine. This technology, coupled with its marketplace, will enable experts to customize these models to satisfy their specific demands, and provide traders with reliable trading tools.
As we hurdle into the future, yPredict is set to launch its marketplace’s beta version by year-end, with its own cryptocurrency, $YPRED, playing a role in the payment for its services. Given this significant shift, an increase in demand for $YPRED services is predicted as the platform pulls in more users.
Source: Cryptonews
