🎯Current Market Status_
📌• GTC has plummeted 26% following a 27% rally earlier in August
• Currently trading at $0.38 with 24-hour volume of $155 million
• Critical support zone established at $0.28-$0.38
• Technical indicators show bearish engulfing patterns with RSI approaching oversold territory
Key Driving Factors
• Profit-taking triggered large wallet transfers preceding the decline
• Institutional focus shifting toward Bitcoin ($79 billion planned purchases)
• Gitcoin's governance updates insufficient to maintain bullish momentum
• Mixed broader crypto market environment with Bitcoin hovering around $114,573
Trading Strategy Considerations
• Primary support at $0.28 needs monitoring - break below targets $0.25
• Resistance established between $0.296-$0.31 from August 9-11 trading
• Short-term positions could leverage potential RSI divergence for bounce plays
• Conservative approach recommended until price action confirms support level holds
Market Outlook
• Community sentiment split between short-term caution and long-term optimism
• Technical roadmap (interoperability upgrades, staking mechanisms) remains positive catalyst
• Consider scaling into positions if support holds rather than large single entries
• Track Bitcoin's movements as continued institutional interest could affect altcoin liquidity
