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.
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.
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.
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.
Will we see an extension of today’s GRT surge as we head into the weekend? Let us know your thoughts in the comments.