- GNY reached a new all-time high of $3.24 on February 5 only to plunge to $1.16.
- Based on price analysis, will the AI coin manage to rebound?
- GYN became the first AI blockchain project to launch on its mainnet.
GNY has taken investors on a wild roller coaster ride. The crypto rose to a new all-time high of $3.24 on February 5, only for it to plunge to $1.16 five days later. However, the crypto was not done as it managed to rebound to $2.02 on February 11.
With such wild swings, what is likely to happen with GNY? Will the AI coin stay true to current altcoin trends or will it break away? Let’s take a look at GNY price data and charts for clues.
CoinGecko)
Prior to a sudden spike in early February GNY was hibernating with little movement until the 4 th of January. The crypto rose into a Head and Shoulders pattern, albeit an imperfect one. Nevertheless, GNY gained support needed for it to trade above $1 after the said pattern. In fact, the price has managed to sustain above $1.16.
Also, traders need to be cautious since GNY also displayed a Descending Triangle pattern. This is a bearish sign, and the risk of losing may be higher in the next coming days.
CoinGecko)
Of note, price movements in the last 24 hours have been sharp with a dip to $1.21 only to rebound to $1.30. In addition, GNY seems to be currently consolidating after plunging at 35% over the past month. The token price seems to be taking a break and has only been trading at a negative 1.3% over the past week.
A price consolidation can indicate either an impending price rise or plunge. However, based on recent price movements and resistance above the $1.20 mark the current price consolidation likely indicates another price rise.
With this, we can observe that GNY is having mixed indicators which may either go bearish or bullish. However, one thing is certain: GNY’s consolidation may come to an end soon.
GNY is a machine learning predictive blockchain platform. The project has recently made a series of exciting posts on Twitter including the addition of contracts to its wallet. GNY has also recently become the first AI-linked crypto project to launch on mainnet.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
This article first published on coinquora.com
