The recent price action on GMT/USDT presents a compelling bullish case, supported by technical evidence on the daily chart. Let’s find out and highlight why GMT holds the potential to surge up to $0.36 to $0.40 in the near term.
Liquidity Sweep and FVG Mitigation
The chart illustrates a significant liquidity sweep below the key support level of $0.1925. This sweep successfully grabbed liquidity from weaker hands, which typically signals the end of bearish exhaustion and the initiation of bullish momentum.
Additionally, the Fair Value Gap (FVG) in the range of $0.175 to $0.19 has been mitigated. The price dipped into this zone and quickly recovered, indicating strong buying interest and institutional activity at this level. This mitigation not only fills inefficiencies in price but also sets the stage for a healthy bullish continuation.
Liquidity Area and Momentum
The liquidity area above $0.20 has been reclaimed, showcasing buyer dominance. Historically, such moves often lead to price acceleration as more liquidity becomes available to fuel the upward move.
The confluence of:
Liquidity sweep,
FVG mitigation,
Recovery above key levels,
strongly indicates that GMT is primed for an upward breakout.
Target Projection: $0.36 to $0.40
Using Fibonacci extensions and past resistance levels, the next major price targets lie in the $0.36 to $0.40 range. This target aligns with:
The previous resistance zone, which could act as the next key area of interest.
The continuation of a bullish structure on higher timeframes.
With institutional players stepping in, technical gaps filled, and strong momentum above critical levels, GMT's potential for a bullish rally is undeniable. Traders and investors should keep an eye on GMT as it builds momentum toward its projected targets. Breakout confirmations above $0.25 will further validate this analysis and pave the way for higher prices.
Stay updated, and Follow For More Technical Information!
#BURNGMT #bullrun2024📈📈 #CryptoNewss
