Biggest Movers: STEPN GMT Remains Close to Record Highs, as GRT and CAKE Trade Higher
Following a short-lived move above $4.50 on Wednesday, GMT was once again higher, and traded up by over 20% in today’s session. GRT was another big gainer in Thursday’s session, as it moved to a multi-week high, whilst CAKE rebounded after recent losses. The Graph (GRT)
Newly formed GMT was undoubtedly today’s top gainer, climbing by over 20%, however due to its infancy in the markets, there is not enough history to support a true technical view of its price movement.
However, another token with similar initials also conjured up double-digit gains on Thursday, and that is in fact GRT.
GRT/USD rose to an intraday high of $0.4084 during today’s session, which saw its price up by over 11% earlier in the day. GRT/USD – Daily Chart
This peak follows on from a low of $0.3472 on Wednesday, which was close to its long-term support level of $0.3410.
Bulls have since carried prices from support to a now resistance level of $0.4040, which has now held, as earlier gains have eased.
GRT is now trading at $0.3779, whilst the 14-day RSI is also hovering below its own ceiling of 50.13, which could be the main obstacle preventing price from climbing back above $0.4000.
Pancakeswap (CAKE)
CAKE rebounded from a recent multi-week low on Thursday, as bulls seemed to have re-entered, following Tuesday’s engulfing bear candle.
As of writing, CAKE/USD hit a peak of $8.37 earlier in the day, as prices moved away from a recent support level.
This floor was at $7.40, and comes after a marginal breakout, which took price to a one-month low of $7.38 on Wednesday. CAKE/USD – Daily Chart
Since then, CAKE now looks to be heading for resistance of $9.40, as prices continue to consolidate after a month of market uncertainty.
In order to get towards this resistance, CAKE will first have to overcome the 48 level on the RSI, which looks as if it may be a ceiling.
Should this happen, some bulls may well be looking toward the $10.00 mark as a potential price target. Tags in this story Analysis, CAKE, GMT, GRT, STEPN
Will we see an extension of today’s GRT surge as we head into the weekend? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Moves Away From 1-Month Low MARKET UPDATES | 10 hours ago Biggest Movers: NEAR Hits 1-Month Low, XMR Down 12% MARKET UPDATES | 1 day ago
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