GAS Technical Analysis: Increased Selling Wars $2 Fallout

GAS prices show the rising channel fallout rally gaining trend momentum warning of a downfall below the $2 mark. Key technical points: The GAS market price has decreased 6.17% over the past 24 hours. The price action shows an increased trend momentum in the fallout rally. The 24-hour trading volume of NeoGas is $12.74 Million, indicating a hike of 20%. Past Performance of GAS GAS prices fail to rise above the parallel channel as the selling pressure breaks the support trendline to breach the $2.50 mark. The lower price rejection ranging till $2.11 avoids the daily candle closing below the $2.40 mark resulting in a sideways trend. However, the sellers regain trend control with a bearish candle 7.5% fall and warn of a downfall to $2. Source- Tradingview GAS Technical Analysis GAS prices fall drastically with increased trading volume representing a huge supply dump. Hence, traders looking to ride the fallout rally can consider a closing below $2.40 as an entry spot. The RSI slope shows a sideways trend in the nearly oversold zone slightly below the halfway line under the 14-day SMA influence. However, the diagonal rise in RSI during the sideways price trend represents a bullish divergence teasing a potential price jump. The MACD indicator shows the fast and slow line maintaining the downtrend as the selling pressure grows. Moreover, the rising trend of the negative MACD histograms represents a high likelihood of downtrend continu...