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Price Analysis

Bullish Supremacy Lifts SYX and GT Markets to Top Gainers List

GT/USD Price Analysis

Despite bears momentarily lowering the price to $5.09, the GateToken (GT) market has been bullish in the previous 24 hours. This optimistic attitude boosted the GT price to an intraday high of $5.28. As of press time, the GT price has risen by 0.50% to $5.15, indicating an upward trend.

During the upturn, market capitalization and 24-hour trading volume increased by 0.98% and 5.83%, respectively, to $557,634,741 and $1,848,424, respectively. This surge followed a period of intense resistance from purchasers who refused to allow the price to go below $5.09. This price increase was spurred by the market’s optimistic mood, showing that investors had faith in GT’s capacity to maintain the trend.

GT/USD 24-hour price chart (source: CoinMarketCap)

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While bullish in the near term, the GT price chart shows a negative Bull Bear Power (BBP) score of -0.1649, indicating that sellers will likely get the upper hand in the long run. Nevertheless, this move shows bullish momentum in the near term, contrary to the bearish trend.

Despite this negative reading, the fact that the GT price chart shows positive momentum in the near run implies that sellers may not have as big of an edge over purchasers as previously anticipated. Despite a pessimistic medium-term perspective, this might indicate a chance for buyers to profit from the short-term momentum.

As the True Strength Index (TSI) is trending below the signal with a value of 14.0706, this signals bearish momentum in the medium term, consistent with the initial anticipation of a negative market mood. Buyers may benefit from the present bullish momentum in the near term, though, since the GT price chart shows a positive divergence between its recent and past highs.

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With a TRIX score of 17.41, indicating a favorable market attitude, traders have the potential to capitalize on the short-term momentum. In addition, this level might imply that buyers can take advantage of the present bullish trend in the market by seeking to purchase around the lows and sell near the highs. 

GT/USD 2-hour price chart (source: TradingView)

SNX/USD Price Analysis

In the previous 24 hours, the Synthetix (SNX) market has risen among the top performers, with prices reaching an intraday high of $2.78. At the time of publication, the bullish vigor had pushed the SNX up to $2.64, a 1.85% rise from its previous closing price. As prices continue to rise on the back of bullish momentum, SNX’s worth has been increasing in the eyes of investors.

With the price hike, the market capitalization has increased to $666,130,616, and the 24-hour trading volume has reached $100,639,140, both increases of 1.83% and 11.98%. Investors are ecstatic with the recent price rise of Synthetix because it suggests the market for the product will continue to expand and that it will remain a valuable investment option in the future.

SNX/USD 24-hour price chart (source: CoinMarketCap)

In the SNX market, however, the Bull Bear Power (BBP) is trending in the positive zone and moving higher with a reading of 0.0580915, implying that bullish power may dominate the market as the BBP value rises. This reading means there is likely to be considering purchasing pressure in the market, suggesting that prices are more likely to rise than fall soon. 

As a result, traders interested in joining the SNX market should consider holding a long rather than a short one since there is a greater possibility for more significant returns given the present market circumstances.

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With the True Strength Index (TSI) trending above the signal line at 9.7660, traders should be mindful that there is a rising amount of positive momentum in the market, making it more probable for the upward trend to continue. 

Rising bullish momentum in the market is supported by a TRIX indicator reading of 3.14, which is in the positive range. This motion, along with the TSI reading of 9.7660, shows that traders intending to join the SNX market should consider holding a long rather than a short one, as it may be more rewarding given the market’s present bullish push.

SNX/USD 2-hour price chart (source: TradingView)

Bullish vigor in the GTV market seems to be decreasing, but SNX indicators point to additional gains.


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Curtis Dye

Curtis is a cryptocurrency news and analytics author with a focus on DeFi, BLockchain, CeFi, NFTs etc. He has publication skills such as SEO optimization, Wordpress, Surfer tools and aids his viewers with insights on the volatile crypto industry.

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