The rising channel pattern struggles to keep the GAS prices floating above the $3 mark as the sellers pressurize the bullish growth. Key technical points: The GAS market price has increased 1.41% over the past 24 hours. The price jump struggles to surpass the 50-day SMA The 24-hour trading volume of Gas is $21.59 Million, indicating a hike of 257%. Past Performance of GAS The GAS prices crumble after the bullish failure to rise above the $6.25 mark, resulting in a bearish month(April). The downfall took support on the psychological mark of $2 on 12th May, resulting in a quick reversal within a rising channel pattern. The recovery inflates the market value by 50% within a month but shows higher price rejection candles near the $3 mark. Source- Tradingview GAS Technical Analysis The bullish struggles to keep the GAS prices buoyant above the $3 mark are evident by the higher price rejection candles. Hence, traders eyeing a bearish reversal can find a selling spot with a candle closing below the support trendline. The crucial SMAs: 50(red), 100(orange), and 200(black)-days maintains a bearish alignment and show no sign of losing the bearish momentum. Moreover, the 50-day SMA acts as a resistance to the bullish growth within the channel. The MACD and signal lines display an uptrend taking a lateral shift below the zero line as the intensity of the bullish histogram decreases. Hence, the MACD indicator signals a high likelihood of a...
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