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The GMT price surged 27% in the last 24 hours to trade at $0.19 as of 4.45 a.m. EST on trading volume that skyrocketed 762% to $672.41 million.
The GMT price started surging yesterday, when its price surged from $0.1338 up to a resistance at $0.16. The resistance held it for 12 hours, only for the project to finally breach the barrier last night at around 10.30 p.m. EST, and skyrocket to $0.18. Since then, the price has been battling the resistance, only to eventually venture further beyond to its current price of $0.19.
While the token initially traded against the market, starting its surge nearly 24 hours before the rest of the crypto industry, its current price increase comes as part of the wider market recovery. Bitcoin is leading the surge with an increase of 1.2% in the last 24 hours, which brought it to $98.7K per coin.
GMT Price Prediction
The GMT price is skyrocketing sharply, which may represent a good opportunity for day traders right now, but it also makes it extremely volatile as the token is bound to see a correction sooner or later.
However, for the time being, the price surge is quite steep and serious, which can be seen from a sharp widening of its Bollinger Bands, as well as the fact that the price is growing so quickly that it went beyond the upper band.
In the past several hours, it has mostly fluctuated between the upper band and the middle line between the two bands, suggesting overall bullish sentiment among traders. Now, the new surge is pumping it up rapidly toward the resistance at $0.20.
The project’s Relative Strength Index (RSI), however, suggests that the surge may be cut short relatively soon. The RSI, which also fluctuated between the neutral zone and the overbought area in the last 24 hours, has now ventured deep into the overbought zone. Its value at the time of writing sits at 79.01, which will likely trigger a sell-off as traders rush in to take profits.
For the moment, neither the price nor RSI are showing signs of this happening, but the correction process could start fairly soon. With that said, anyone interested in joining the surge and buying GMT now should be cautious, and aware of the heightened risks of doing so.
Promising Alternative To GMT
As for those who are interested in less risky solutions, they could consider joining a new viral meme coin presale called Meme Index (MEMEX).
This is a new meme coin project that introduced four meme coin baskets, or indexes, for users to invest into and get rewards from them. The baskets are known as the Titan index, Moonshot index, Midcap index, and Frenzy index. Each of them is getting progressively riskier, with the Titan index containing major, established meme coins that are generally considered trustworthy.
As such, the index is expected to have low volatility and to be the least risky of the 4. Moonshot index will have coins and tokens that have the potential to challenge the top 10 largest meme coins by market cap, so while slightly riskier, they are still considered a relatively safe investment.
Meanwhile, the MidCap index will consist of meme coins with a market cap between $50m and $250m, and this is where the risks start to grow significantly. However, the potential reward does as well. Finally, the Frenzy index will have experimental and new trending projects, but with little to no certainty. It will be a high-risk, high-reward basket that should not be approached lightly.
All of these indices will become available later, after the project concludes its ICO which is currently offering its native token MEMEX for only $0.014687 per unit. So far, the ICO has already raised over $582K and is rapidly surging toward its first million. So, whether you are interested in the indices or the MEMEX token itself, right now is the best time to invest, while its price is still low.
It is also worth noting that crypto experts such as ClayBro, a YouTuber with over 134K subscribers, believe that MEMEX has massive potential and that it could potentially bring 60X returns. Therefore, consider joining its ICO soon if your research suggests the same.
Visit MEMEX’s official website.
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