Is It Too Late to Buy Gas? Neo GAS Price Soars 11.5% as Viral Meme Coin MK Secures $2 Million – Next SHIB or DOGE?
NEO’s native settlement GAS token, has undertaken a price explosion, with GAS price pushing up +11.5% despite serious retracement, is it too late to buy GAS token?
GAS is a settlement token, generated by staked NEO, which is used to pay for transactions on the NEO network.
In recent weeks, there has been a dramatic growth in GAS price as traders rush to stack bags following the news that GAS will be used for settlement on NEO’s sidechains.
This has led to increased moments of divergence, where the price of GAS (in orange) exceeds that of underlying token NEO (in blue).
But with price dropping in heavy retracement following a new all-time high, this bounce-back move has got markets super-charged – lets dig in.
With the chart super-charged following the bounce back, GAS is currently trading at a market price of $8.91 (representing a 24-hour change of +1.13%).
This comes after GAS price found feet above the $7.175 supper level which was established originally at the start of November.
Ongoing GAS price action has created a pan-handle pattern on the chart, which bolsters technical structure – still strong after the golden cross on October 29.
Currently the 20DMA is sat above price action, creating a potential ceiling of localized resistance around $10.75.
However, the 200DMA remains low, providing bed-rock support at $3.5.
In a bullish display, the RSI indicator has cooled-off significantly from a major over-bought signal on November 10, to a neutral on the fence reading at 51 today.
This suggests price action is now ripe and ready to push-up on a second run, however, the MACD flags stalling momentum with bearish divergence at -0.509.
Overall, GAS looks strong here, having successfully consolidated after a much-needed consolidation,
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