Token

Based

<p>The cryptocurrency GAS has seen a remarkable price surge over the past week, gaining more than 70% from $2.4 to over $4. Many in the crypto community have been wondering what is driving this sudden pump. According to expert trader Wolf of Neo, the price action is likely related to recent news out of Hong Kong.</p>
<h2 class="wp-block-heading" id="hong-kong-announcement-sparks-utility-speculation">Hong Kong Announcement Sparks Utility Speculation</h2>
<p>Gas is the utility token used alongside Neo for transactions and interactions on the Neo blockchain. Wolf of Neo <a href="https://twitter.com/lockyer83" target="_blank" rel="noopener noreferrer nofollow">pointed</a> to a recent announcement from Neo founder Da Hongfei about plans to create an Ethereum Virtual Machine (EVM)-compatible sidechain for Neo that would increase the utility of both the Neo and Gas tokens.</p>
<p>This news of potentially greater utility for Gas in the Neo ecosystem seems to have sparked speculation fuelling the token’s dramatic price run. As Wolf of Neo summed it up, <em>“If you’re wondering why $GAS has been pumping then you may want to read this coming out of Hong Kong.”</em></p>
<h2 class="wp-block-heading" id="trader-predicted-continued-surge-to-4-range">Trader Predicted Continued Surge to $4 Range</h2>
<p>The price action has played out largely as <a href="https://twitter.com/Honeyxgpt/status/1717562728456581407" target="_blank" rel="noopener noreferrer nofollow">predicted</a> by trader Honeyx, who four days ago called for Gas to continue surging past resistance levels to top out around $4.4. Honeyx advised traders: “<em>Once [$GAS] cleared it’ll go upto $4.4.”</em></p>
<p>Today, with Gas crossing $4, trader ThinkingAlts affirmed that the token’s impressive run was not over yet, <a href="https://twitter.com/ThinkingAlts" target="_blank" rel="noopener noreferrer nofollow">tweeting</a>: <em>“$GAS doesn’t seem to stop anytime soon.”</em></p>
<h2 class="wp-block-heading" id="profit-taking-advised-around-current-4-level">Profit-Taking Advised Around Current $4 Level</h2>
<p>Based on the analysis and forecasts, traders who got in sub-$3 may want to consider taking some profits around the current $4 price level. However, if the bullish momentum continues, Gas could see further gains ahead. Either way, the mystery behind the pumps appears to be cleared up thanks to the Hong Kong utility news.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/why-is-gas-token-pumping-this-is-the-price-to-take-profit/">Why Is GAS Token Pumping? Crypto Expert Reveals the Price to Take Profit</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why Is GAS Token Pumping? Crypto Expert Reveals the Price to Take Profit

Table of Contents

CaptainAltcoin

Other articles published on Oct 28, 2023

Solana (SOL) and Bitcoin (BTC) on the Verge of a Breakout, Analyst Says

Ripple Swell Event 2023: IPO Announcement on the Cards?

5 Crypto Murah Layak Lirik Pekan Depan

Taiwan advances draft law for cryptocurrency regulation

Gain Unparalleled Profits Through Bitcoin Spark, Solana, And Toncoin

President Joe Biden’s Executive Order: Implications for XRP and the Crypto Market

Join our free newsletter for daily crypto updates!