- Cryptocurrencies continue to bleed in the last week of May, led by STEPN’s 30% loss.
- Green Satoshi Token drops to an all-time low but recovery is in the offing.
- Overbought conditions risk breaking XCAD’s three-week winning streak to $4.5.
The grim technical and fundamental situation in the cryptocurrency market is yet to change. STEPN (GMT) and Green Satoshi Token (GST) traded well in the red as investors ushered in the weekend.
Larger cryptocurrencies like Bitcoin, Ethereum (ETH), and BNB were also weak, posing more threats to the market. Nevertheless, XCAD Network (XCAD), along with other a few other tokens, recorded double-digit gains after defying dominant headwinds.
A gust of headwinds swept through the cryptocurrency market on Thursday during the Asian trading session. STEPN was among the biggest losers despite appearing on the top trending list. According to live price data by CoinGecko, GMT was trading at $0.855, following a more than 30% dip in the last 24 hours.
Meanwhile, the four-hour chart showed the presence of support at $0.8. Due to the oversold conditions as revealed by the Stochastic RSI, a reflex rebound was anticipated. In addition to that, the same buyer congestion was likely to lead to a double-bottom pattern.
This pattern is regarded as highly bullish, often leading to a trend reversal. To validate its impact, support at $0.8 must be defended. GMT might stir a 57% breakout to $2.05 if the neckline resistance is eventually broken in the coming days.
GMT/USD Four-hour Chart
Green Satoshi Token
The Green Satoshi Token (GST) bowed to selling pressure to the extent of dropping to an all-time low. At the time of press, the token was doddering at $1.54 in the wake of a 23% loss. Based on the two-hour chart, declines are set to continue in the coming sessions.
Traders should keep in mind the sell signal from the Moving Average Convergence Divergence (MACD) indicator. The more the MACD sinks in the negative region, the higher the downward momentum.
On the brighter side, the Stochastic RSI highlighted the possibility of a trend reversal in light of the oversold conditions. The index’s position suggested that bulls are gradually returning to the market, perhaps to take advantage of lower prices.
GST/USD Two-hour Chart
Intriguingly, XCAD Network’s price has been outperforming in the last few weeks. Despite widespread losses in the market, XCAD grew by 160% in May alone. Nonetheless, overhead pressure seemed to have slowed down the uptrend slightly above April’s peak at $5.
In the meantime, XCAD Network was teetering at $4 while dealing with the latest rejection at $4.45. The MACD had spotted a buy signal, which might continue to positively influence the token. Higher support is anticipated at $3.5, marginally above the 50 Simple Moving Average (SMA).
XCAD/USDT Four-hour chart
Investors should note that despite the bullish performance in the last three weeks, the correction might take a huge toll on XCAD due to the overbought conditions. Moreover, an incoming bearish divergence from the Relative Strength Index (RSI) would imply that bears have the upper hand. If push comes to shove, the down leg might stretch to $3 and $2.7 levels, respectively.