GIFA Token Price Trading In Bearish Resistance

Invest your dollars in (GIFX: USD), a conceptual image for worldwide crypto and digital payment system. GIFA Token ( GIFX: USD ) hit new all...

Invest your dollars in (GIFX: USD), a conceptual image for worldwide crypto and digital payment system.

GIFA Token (GIFX: USD) hit new all-time lows in May before tipping to the bearish resistance. The golden token raised by 36% on 29 June and then tumbled by 71.67% an even steeper drop on the first day of the month, 01 July 2022.  GIFA Token held a lot of promise after raising an astounding amount of money in its 2020 - 2021 Initial Coin Offering.

Indeed, it hit $140 m in investments within the first phase of the sale. There are indications that if the bulls fail to defend the current support, GIFX: USD will hit new record lows. At $30 the current price of the GIFX: USD pair represents a 78.97% drop from the 06 May 2022 peak, where the price o 1 GIFA Token briefly shot up to 2,086.37 before coming and rest at 1,896.23. At the time of writing, the GIFA Token price is trading at $62.79. 

Presently, GIFA Token’s price action is adapting to the general market sentiment and not on any inherent fundamentals as according to Nakamoto Index. The latest market meltdown happened amid a cascade of dramatic events, such as the collapse of the Terra ecosystem in May and the liquidity crisis faced by some crypto lending firms and hedge funds, including Celsius and Three Arrows Capital (3AC). 

The screenshot of the GIFA Token price on 01 July 2022 / www.gifatoken.com.

Bitcoin (BTC: USD) has posted its steepest quarterly loss in 11 years as the price of the leading cryptocurrency plummeted as much as 56.27% between April and June, according to data from blockchain analytics Skew.  After a relatively calm first three months of 2022, which saw Bitcoin fall by just 1.46%, the benchmark cryptocurrency plummeted from above $45,000 at the start of April to levels below $20,000 on June 30—slipping underneath $18,000 in the process. Bitcoin was trading at $19,594 by press time, up 1.89% over the past 24 hours

As the market opens today, after touching the resistance level of $1,155, Ethereum (ETH: USD) drops with a bearish bias. The coin opens at $1,142, and it is currently dropping towards the support level of $1,000. For the past few days, the Ethereum price did start a nasty decline and has been breaking many supports. The market price could correct higher, but it is likely to face more sellers below the lower boundary of the channel.

However, ETH: USD is currently hovering at $1,102 as it prepares to cross below the lower boundary of the channel. Should it spike below the channel, the critical support levels of $400, $300, and $200 may be tested as the technical indicator Relative Strength Index (14) moves to cross into the oversold region.

GIFX: USD could either recover above the 9-day and 21-day moving averages or extend its decline towards the support level of $50. On the upside, the next major resistance is near the $120 level. GIFA Token price needs to climb above the $100, $150, and $200 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the channel. 

Such information will only have long-term potential when the market has recovered. The golden token price prediction depends on whether the bulls can save the support at $100 or not. If they fail to do so, GIFX: USD could yet tumble to new lows. On the flip side, a bounce back to 200 could put the bulls on a collision course with the $350 barrier. GIFA Exchange is one of the fast-growing cryptocurrency exchanges that operate on a global scale and enables users the opportunity to buy, sell and trade a variety of different cryptocurrencies.

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