Gitcoin GTC Rally Retakes $0.36 After A 52% Pullback From $0.393
Gitcoin GTC rally: GTC fell 52% from a $0.393 Upbit-listing high to $0.1884, then climbed back near $0.36. Four-hour levels and two scenarios are inside.
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Gitcoin's token has climbed back to about $0.36 after losing more than half its value in four days. The Gitcoin GTC rally began on the Upbit listing on October 12, topped out at $0.393 that day, and fell to $0.1884 by October 16. At 17:54 UTC on October 19 the price was near $0.36, though that four-hour candle was still open.
Upbit's listing notice for Gitcoin
Upbit posted its notice at 19:00 Korea time on October 12, which is 10:00 UTC. It said GTC would trade against KRW and USDT from 19:30, adding to a BTC market the token already had. The notice lists the BTC-market close the day before at 0.1818 USDT.
The daily candle that day opened at $0.1815 and ran up to $0.393 before closing at $0.2816. It traded 80.2 million tokens, against 8.5 million the day before. That is about nine times the volume.
Upbit's notice for GTC dated October 12. Source: Upbit announcement.
GTC's pullback and second leg
After the spike the price slid. GTC closed at $0.2250 on October 13 and $0.1993 on October 15, then printed a daily low of $0.1884 on October 16. That low sits about 52% under the $0.393 high.
Buyers returned on October 17, when the day closed at $0.2363 on 44.9 million tokens. The next four-hour structure break to the upside came at 00:00 UTC that day. Price then reached $0.2945 on October 18 and $0.309 early on October 19.
GTC/USDT four-hour chart on TradingView at 17:54 UTC on October 19. Source: TradingView.
The 12:00 UTC four-hour candle on October 19 closed at $0.3275 on 15.6 million tokens, the third heaviest candle since October 12.
Levels for the Gitcoin GTC rally
Two buy-side sweeps happened in the last day. At 20:00 UTC on October 18 price took out $0.2897 and reached $0.2945. At 04:00 UTC on October 19 it reached $0.309 and closed at $0.2840, back under the old high.
The kit chart marks a bullish order block between $0.2580 and $0.2945, and fair value gaps at $0.2382 to $0.2574 and $0.2187 to $0.2331. All sit well below the current price.
Four-hour GTC/USDT candles from Binance with swing points, an order block and fair value gaps. Chart by Mwenda.
Price now sits far above its daily averages. Even the 20-day, near $0.19, is about half of today's level, and the 200-day is closer to $0.11. CoinGecko puts the token's market value at about $31.7 million. Over 30 days it has gained roughly 324%.
Two scenarios from here
The upside case needs a four-hour close above $0.393, the October 12 high and also the 20-day high. That would put the Gitcoin GTC rally at a new high for the move.
The downside case starts with a four-hour close under $0.2945, the top of the order block. Under $0.2580, the block's floor, the structure that supported the climb would be gone.
We have no lean on GTC. The figures use closed candles unless stated, and none of this is advice to buy or sell.
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Mwenda is a skilled crypto journalist and expert in blockchain technology, digital assets, and decentralized finance. He has a talent for translating complex concepts into engaging, informative content. With a deep understanding of the industry, Mwenda delivers accurate analysis that appeals to beginners and seasoned enthusiasts.
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