PBC report not enough to reverse downtrend of Gifto.
Updated
Gifto token had huge movements this month. GTO, like everything else, was on a steady down trend after the crash. It had a huge February due to the release of the infamous Palm Beach Confidential report, which suggested an easy 4x return due to Uplive adoption. The report in it's official release date (Feb 15th) caused a tripling in price on Binance, followed by a precipitous drop only momentarily interrupted by weak rallies. It's the two weeks prior that interest me. The PBC report is supposed to be legitimate fundamental analysis for the benefit of PBC subscribers, but a giant spike on Feb 11 makes me suspicious that the report was released to a smaller audience with deep pockets for a pre-pump. I can't find any news of note on that date or for several days prior back to the OKEx listing on Feb 6th that had a spike of it's own.
Removing for these spikes, the larger trend of GTO is down. The lasting effect of the PBC report was to move the entire trendline up 60%, and it now sits just 3% above the level before the report. I think the analysis in the report is well thought out and this coin may well be a good long term hold, but I also think that there is more downside to come.
Removing for these spikes, the larger trend of GTO is down. The lasting effect of the PBC report was to move the entire trendline up 60%, and it now sits just 3% above the level before the report. I think the analysis in the report is well thought out and this coin may well be a good long term hold, but I also think that there is more downside to come.
Note
GTO dropped below the channel very briefly and popped right back into the middle. Without major positive news the downtrend channel is remains valid.Note
Looks like another pump today. A good time to offload before it continues downtrend.
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