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The Gold Standard price has surged 60% in the last 24 hours to trade at $15.58 as of 6:38 a.m. EST on an 8% drop in trading volume to $6.5 million.
Gold Standard Price Analysis: The Bulls Are Gaining Momentum Within The Bearish Channel
The Gold Standard price is gaining momentum after the bulls faced resistance, which allowed the bears to ride the bearish momentum.
The price has bottomed out within a bearish pennant, with the bulls driving the price upwards in a rebound around the $8.43 support zone. This move has limited further gains for the bears.
BAR/USDT Analysis (Source: Dextools.io)
Additionally, the Gold Standard price accumulates near the channel’s upper trendline, suggesting that bullish investors might push the price above it.
If the bulls keep up their momentum, they could establish a strong technical foundation and potentially spark a rally that takes the price above the channel.
Even though it faces resistance at the channel’s upper trendline, the Gold Standard trades above the 50 and 200 simple moving averages, which currently act as immediate support for the price. A little push could help the bulls cross above the bearish channel.
The recent MACD blue line crossing above the orange signal line, while still below the neutral position, is bullish, signalling a potential reversal to an upward trend. The green histogram bars further suggest intense buying pressure for the Gold Standard price.
The Relative Strength Index has dipped below the 50 midline level. However, there are indications that it could rebound, favouring upward momentum. This could force the RSI to enter overbought territory, supporting a positive sentiment for the Gold Standard price.
Gold Standard Price Prediction
The bullish rebound on the 50 midline level of the RSI shows the bulls’ resilience in driving the price back up again. This also aligns with support from the 50 SMA. If the momentum is sustained, it could suggest a potential upward drive to help the bulls reach a new high of $44.
Conversely, if bearish pressure increases, it could push the trend below the support zone to the channel’s lower trendline at $8.15.
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