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The Green Satoshi Token (GST) is trading inside a short-term bullish pattern, a breakout from which could lead to a break in the line of longer-term downward resistance.
The GAME token of the STEPN (GST) project was launched in December 2021, and on April 29, 2022, it reached an all-time high of $7.82. However, since then, the coin rate has been declining and on June 1 updated the historical minimum by $ 0.70. The size of the drawdown from the historical maximum was 88.50%.
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GST continues to decline
On the daily chart, you can see that since reaching the aforementioned high, the price has been moving along the downward resistance line. Over the past ten days, it has attempted many times to break through this line.
If the GST rate manages to do this, then the nearest resistance will meet the bulls around $ 2.60.
The daily RSI is oversold, but has not yet given bullish divergence signals. Their appearance may be a signal of a possible future bullish breakthrough.
On the 2-hour timeframe, trading since May 27 has been held inside a downward wedge. This pattern is traditionally considered bullish, and this also gives reason to hope for a final bullish breakthrough.
In this case, GST will be able to break through the resistance line on the daily chart, which will potentially direct the market to the resistance area of $2.60.
See also Is it worth investing in the Green Satoshi Token (GST) of the STEPN project
Price dynamics GMT
Since GST is one of the two tokens of the STEPN ecosystem, it makes sense to look at the situation with the second native token of the project – GMT, since its dynamics can also have an impact on the GST rate.
It seems that GMT has formed a double basis, which is considered to be a bullish reversal pattern. It is also supported by bullish divergence signals over the RSI.
Currently, GMT is also moving along the downward resistance line. If the above pattern causes a bullish trend reversal, this can lead to a breakthrough of the resistance line and direct the price to the resistance area of $1.80.
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