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Gummy price has increased by 21% in the last 24 hours to trade at $0.01618 at 7:10 am EST with a 12% increase in trading volume to $6 million.
Gummy Price Analysis: Can the Bulls Keep Up This Momentum?
The Gummy price is indicating a consolidation phase as the bulls have prevented the bears from taking further advantage and are almost breaking the price above the bearish channel.
The bulls are preparing for an upward move near the $0.00873 support zone, pushing the price towards the upper trendline of the channel.
GUMMYUSDT Analysis (Source: Tradingview)
The price market is showing signs of accumulation above the channel, indicating that optimistic investors are preparing to push the price higher to recapture the previous peak and then reach new highs.
If GUMMY maintains the momentum, it will create a solid technical base, which can potentially trigger a bull rally above the channel. This situation prompts traders to consider opening long positions, anticipating GUMMY entering a new phase of upward price discovery.
While price faces resistance below the 50-day simple moving average, the price is 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, indicating a possible reversal to an uptrend. The green histogram bars further indicate intense buying pressure for the GUMMY price.
The Relative Strength Index remains bullish above the midline level of 50 to 58. The upward momentum indicates favorable condition to enter the overbought region, supporting positive sentiment for GUMMY price.
Gummy Price Bulls Can Lift Momentum Above Bullish Rally
The bullish momentum behind the Gummy price points to a potential upward drive, supported by positive technical indicators. Increased momentum should help the bulls reclaim the previous high of $0.1063. However, there is optimism that the all-time high will be recaptured at around $0.2335.
Conversely, bearish pressure could regain control and force the trend below the support zone, towards the channel’s lower trendline at $0.0096.
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