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The Gummy price has surged 21% in the last 24 hours to trade at $0.01618 as of 7:10 a.m. EST on a 12% surge in trading volume to $6 million.
Gummy Price Analysis: Can The Bulls Sustain Momentum?
The Gummy price indicates a consolidation phase as bulls have stopped the bears from further profiting and are pushing the price nearly to break above the bearish channel.
The bulls are gearing for an upward momentum at the $0.00873 support zone, pushing the price to the channel’s upper trendline.
GUMMYUSDT Analysis (Source: Tradingview)
The price market shows signs of accumulation above the channel, indicating that bullish investors are gearing up to push the price to reclaim the previous high and subsequently achieve new highs.
If GUMMY continues the momentum, it will create a solid technical base, potentially triggering a bull rally above the channel. This situation prompts traders to consider opening long positions, anticipating GUMMY’s entry into a new phase of upward price discovery.
Although the price faces resistance below the 50-day simple moving average, it trades relatively above the 200-day SMA, indicating support for the overall bullish sentiment.
The recent MACD blue line crossing above the orange signal line, while below the neutral position, is seen as bullish, signalling a potential reversal to an upward trend. The green histogram bars further indicate intense buying pressure for the GUMMY price.
The Relative Strength Index remains bullish above the 50 midline level to 58. Its upward momentum indicates a favourable condition to enter the overbought territory, supporting a positive sentiment for GUMMY price.
Gummy Price Bulls May Push the Momentum Above The Bullish Rally
The bullish momentum behind the Gummy price indicates a potential upward drive supported by positive technical indicators. An increased moment should help the bulls reclaim the previous high at $0.1063. However, there’s optimism that the all-time high will be reclaimed at around $0.2335.
Conversely, the bearish pressure could regain control and force the trend below the support zone to the channels’s lower trendline at $0.0096.
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