SPCT token plunges 43% amid allegations of a rug pull

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Apr 19 2024

Should l Buy GMT?

Spectra Chain Token Decline: SPCT token experienced a 43% drop due to allegations of a potential rug pull by the team.
Current Trading Price: The token was trading at $0.0094, reflecting a 27% decrease in the last 24 hours.
Background on Spectra Chain: Spectra Chain launched Layer 2 solutions with a Proof of Stake consensus mechanism for scalability and smart contracts.
Community Concerns: Community confidence wavered after the abrupt closure of the official Telegram channel and allegations of past fraudulent activities by the founders.
Industry Trends: Incidents like Grand Base's token value drop and suspicions of rug pulls are not isolated, highlighting ongoing concerns in the crypto industry.

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Technical Analysis for GMT

Technical Sentiment Analysis for GMT (GMT) As of , GMT (GMT) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for GMT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, GMT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

GMT (GMT) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.00613	0.00823	0.0106	0.0127	0.0151	0.0171	0.0195
Fibonacci	0.00823	0.00993	0.011	0.0127	0.0144	0.0154	0.0171

About GMT

GMT is the native token of the FSL ecosystem, with a fixed supply of 6 billion tokens. GMT is well used in all FSL ecosystem products to be burned, used to unlock various functions and perks.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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