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GIFA Token Is A Resilient Cryptocurrency Worth To Watch

Over the past 7 months when GIFA Holding Ltd's digital currency was first introduced to the public, some analysts and critics commented ...

Over the past 7 months when GIFA Holding Ltd's digital currency was first introduced to the public, some analysts and critics commented that GIFA Token (GIFX +27.86%) is nothing more than a passing fad that will either crash in one single month. Now, it’s still here and not going anywhere! GIFA Token has successfully sailed through these ill-conceived narratives to hit the peaks, we've all seen on 25th March 2021, climbing to $642 for the first time. Currently, it’s still worth multiples more than it was in December 2020.  

Today the golden token continues to harness its niche into the crypto market with a tight consolidation range of 600. On Wednesday it trading at $18.30 with more than 27.86% up, as of 8:10 a.m GMT, according to the blockchain analytic data from Broxy, the AI algorithm of Bitquery Product. Despite the drop, GIFA Token’s 7-day price movement keeps ascending in the sky.  The trading volume is also set for improvement following June's mass sell-off. We are ascertaining that GIFA Token's price all-time high will rewind up again, probably from now and onward considering the trading platform which is now opened for all users. 

GIFA Token market outlook.Credit:
In July, trading volumes at major cryptocurrency exchanges, including Binance, Coinbase, and Kraken, fell by more than 40% as compared to the previous months. Lower prices, volume, and market sentiment have created further downward pressure on the entire crypto market. With a lack of positive sentiment in both the crypto and macroeconomic markets, we can expect sideways and downward movement at any moment.

Major altcoins are also trading in the red. Cardano (ADA), Ripple (XRP), and Litecoin (LTC) are similarly down by nearly 4%. Ether fell below $2,000 for the first time this month, just yesterday, and continues to trade down south of that level, Ethereum (ETH) worth $1,950 as of press time. Chainlink (LINK) was trading above the horizontal line that has kept prices afloat since 22 June. At its current price of $17.62. The whole cryptocurrency shed 16.01% over the past seven days that overshadowed by the upcoming upgrades on the Ethereum protocol. 

As such, buyers might continue to push GIFA Token's price higher, if this happened the action will override the recent dip and welcome fresh upward to balancing the bulls and bears struggling to retake control. However, the immediate outlook is likely to see bulls consolidate gains to protect from bears who might want to capitalize on the indecision in the broader market. 

Above this, GIFA Token’s price could test resistance at $20.00 maybe this week and hopefully bleach $50.00 as the next target. If bulls fail to break the mentioned barriers, a breakdown from the initial resistance at $18.30 could invite more pressure.

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