Green Satoshi Token (GST) is trading inside a short-term bullish pattern, whereby a breakout could also result from a breakout from a longer-term descending resistance line.
GST is the in-game token of STEPN, the first move-to-earn NFT game in which players earn tokens by walking or running. The token was launched in December 2021 and went on to reach an all-time high of $7.82 on April 29, 2022. However, it has since been declining and hit an all-time low of $0.70 on June 1.
Measuring from an all-time high, the price has declined by 88.50%.
Reduction in GST released
A closer look at the daily time frame shows that the price is declining below a descending resistance line following the all-time high above. It has made several attempts to break in the last ten days.
If it manages to do so, the nearest resistance area will lie at $2.60.
While the daily RSI is oversold, it has not generated any bullish divergence yet. This would be a sign that a breakout is imminent.
Lastly, the two-hour chart shows that GST has been trading inside a descending wedge since May 27. The descending wedge is considered a bullish pattern, which means that an eventual breakout would be expected.
So, this means that the price will also break above the resistance line on the daily time frame, potentially setting up a movement towards the $2.60 resistance area.
gmt price movement
Since GST is an in-game token of GMT, it is worth looking at the latter movement to determine if this could have an impact on GST.
It looks like GMT has formed a double bottom, which is considered a bullish reversal pattern. The pattern has also been combined with a bullish divergence in the RSI.
Currently, GMT is following a descending resistance line. If the pattern reverses to a bullish trend, it will cause a breakout from the line and take the price towards the $1.80 resistance area.
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