Key Takeaways:
- Binance announced the listing the Gains Network token.
- The GNS Binance listing news propelled the token to paint 111% gains.
NEW DELHI (CoinChapter.com) — Polygon-based derivatives DEX Gains Network (GNS) rocketed 111% to a new ATH on Feb 17. GNS token price reacted to news of the token’s listing on Binance. The GNS Binance listing announcement stated that the GNS token would be listed in the Innovation Zone.
The Innovation Zone allows market participants to safely trade newer tokens, which might have higher volatility and pose a higher risk than other tokens.
Binance stated that the GNS/BTC and GNS/USDT pairs will be available for spot trading on Feb 17 at 1130 (UTC). Withdrawals for the two trading pairs will begin 24 hours later on Feb 18. Additionally, Binance stated it would add GNS as a new borrowable asset on Isolated margin.
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GNS price spiked 111% from the day’s low of $7.33 to chart a new ATH of $11.45 (COINEX). However, profit booking by bears quickly pared gains for the GNS token.
For example, online researcher Lookonchain highlighted a crypto trader (0xaab3cb57fbec547207137fa998ea8d09ece606e6) that bought 26,881 GNS tokens at $208,335 before the Binance announcement hit the wires.
Once GNS prices spiked after the listing announcement, the trader sold his GNS holdings for $315,082.
This guy made $106,747 in a few hours!
Lookonchain noted
Lookonchain highlighted another wallet that made a similar trade to make more than 52% gains.
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Apart from the listing news, Gains Network has seen increased trade volume, with weekly volume reaching above $1 billion thrice in 2023. The DEX also posted a new peak in fees paid by traders, exceeding its previous ATH from Mar 2022.
Overbought RSI Adding To Bearish Pressure Against GNS Price
Long upper wicks on recent daily candles highlight the bearish pressure against the GNS token price. Moreover, the relative strength index for the Gain Network token became overbought on Feb 17, currently clocking at 78.28 on the daily charts.
Overbought RSI levels have traditionally been a sell signal for traders, as they often precede a bearish trend reversal.
Should the bears continue increasing the selling pressure, GNS price might drop to test support near $10.1. Breaching the immediate support level could result in the Gains Network token price falling to support near $8.43 before recovering.
On the other hand, if the up-move continues, GNS price might flip the immediate resistance near $11.8. Moreover, a break and hold above immediate resistance could help the GNS coin price rise to challenge resistance near $14.2 before correcting.
