Blockchain

Gas Price Prediction: GAS Coin Surges 700% In Two Weeks. How High Can It Go?

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The Gas token price is up around 700% in two weeks but has slumped 5% over the last day to trade at $21.431 as of November 10 at 10:05 EST.

It rallies along with the rest of the market, as the crypto community speculates that these could be the early days of the much-anticipated bull market.

Noteworthy, the Gas token recorded striking pumps between November 9 and 10, recording 65% and 70% price surges, respectively. This saw up to $6.84 million and $10.07 million short positions liquidated in a short squeeze.

In the last 24 hours, however, more long positions have effectively been liquidated compared to shorts at $1.57 million against $899,000 shorts.

Gas token liquidations

With Gas token featuring among the top liquated tokens on Binance exchange, almost 8,000 traders were liquidated for a combined total of $150.05 million, including Bitcoin, Ethereum, and Solana positions.

Following the hard pump with Gas token closing the week on a tear, perpetual traders are already anticipating a correction. Shorts have become more than longs as the GAS price now treads south.

Meanwhile, the token continues to trend on social media, featuring among the most searched tokens as of November 11, 2023.

Why The Gas Price is Pumping

The hard pump in Gas token price is attributed to Korean traders, who are intrinsically fond of pump–and–dump trading strategies. On-chain investigator Lookonchain anticipated the surge, sharing a post on Crypto X recently ahead of the Upbit D Conference.

In the prediction, Lookonchain alluded to anomalous price fluctuation on the Korean exchange, saying, “As we know, a lot of the recent rise in altcoins has been related to the Korean exchange Upbit.” In a follow-up post, the firm has confirmed the strong uptick in Gas price, saying, “Almost all of the 20 UDC(Upbit D Conference)-related tokens we shared yesterday are rising.”

Regarding Upbit’s unusual price actions, CryptoQuant CEO Ki Young Ju tried demystifying why Korean traders have taken a liking to pump-and-dump schemes, indicating that it is due to the region’s “Very strict capital controls, blocking arbitrage opportunities between global exchanges.”

As such, this should be cautionary for investors to be wary of possible manipulation so that they can avoid being caught as part of exit liquidity.

Gas Token Price Prognosis With Possible Manipulation In Play

Measured from a market range beginning from $2.029 to $29.989, Gas token price is exchanging hands for $21.432 after a rejection from the 23.6% Fibonacci at $23.39. The odds for a slump continue to increase, hence the inverted Fibonacci tool to show direction.

Increased selling pressure could send Gas token price to the 38.2% Fibonacci at $19.30, or a lower to retrace the 50% Fibonacci at $16.00. In the dire case, the slump could stretch for the altcoin to tag most important Fibonacci, the 61.8% at $12.7.

A break and close below the 61.8% Fibonacci could extend the retracement towards the 78.6% Fib at $8.01, or in the worst-case scenario, test the support floor at $2.02. This would not only invalidate the bullish thesis, but also plunge the altcoin back in the consolidation phase.

The position of the Relative Strength Index (RSI) supports this outlook, showing GAS token is massively overbought. Its inclination to the south corroborates the thesis, suggesting momentum is already falling. This comes as longs continue to close their position while shorts take profits.

Gas price
TradingView: GAS/USDT 1-day chart

Converse Case

On the other hand, if sidelined investors who missed out of the previous rally come in, the ensuing buying pressure could send Gas token price higher. Likely targets in such a directional bias include the 23.6% Fibonacci or higher to reclaim the range high at $29.98.

The bullish thesis is also plausible considering the Awesome Oscillator (AO) is in the positive territory with green-shaded histogram bars. This shows bulls are still in the lead and therefore adds credence to the bullish outlook.

Meanwhile, investors looking for safer and more promising alternatives should probably take a look at BTCMTX. It is one of the hottest stake-to-mine projects in the market today with experts ranking it among the five best tokens to buy now.

Promising Alternative To  GAS Token

BTCMTX is the powering token for the Bitcoin Minetrix ecosystem, a cloud-mining project that gives everyone a fair chance at Bitcoin ownership. To do this, it has decentralized and tokenized the entire process, bringing down all the high entry bars.

Now, community members need not worry about costly machinery and cloud-mining scams. You are also spared the hassle of space, heat, and noise.

With experts predicting that Bitcoin Minetrix’s native token, BTCMTX, will explode 10X upon launch, now is the best time to buy. The token is selling for only $0.0115 in the presale, with traders buying the asset using Ethereum or Tether (USDT) stablecoin, while others prefer their bank cards. It is completely up to you. So far the project has raised $3.765 million, with the $4.407 million target now in sight.

Notably, the $0.0115 price tag will leave the counter in less than a day, ushering in a higher price tag. Get in early and join the many experts and traders raving about Bitcoin and the entire exchange-traded fund (ETF) narrative on Telegram. Ride ahead of a spot BTC ETF approval with Bitcoin Minetrix, as it helps you own BTC before the actual hard pump finally gets here.

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