Resistance

Coin

<ul class="list-ic vertical">
 <li><span>1</span> <a>GAS coin is used to pay for network usage, like executing smart contracts, etc.</a></li>
 <li><span>2</span> <a>GAS price is trading in a downtrend but the bulls have shown a sign of reversal.</a></li>
</ul>
<p>Fees are charged for processing transactions on the blockchain, and gas tokens are one type of <a href="https://www.thecoinrepublic.com/2024/01/17/dash-crypto-can-dash-price-turn-around-or-decline-below/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> specifically designed for paying these fees on the Neo blockchain.&nbsp;</p>
<p>The gas coin is utilized to pay for network usage, including the execution of smart contracts. Neo is a digital platform focused on China that aims to become the backbone of the emerging digital economy. By using smart contracts, it offers various use cases, such as secure digital identities and digital assets.&nbsp;</p>
<p>Additionally, the token strengthens the NEO chain, often referred to as “Chinese Ethereum.” NEO holders automatically earn GAS for holding the token in a Neo wallet, and the token also provides management rights, such as account reconciliation and network parameter changes.&nbsp;</p>
<p>The main goal of the platform is to make physical and digital assets accessible to humans through permissionless programs, enabling developers to automate and digitalize asset management using smart contracts.&nbsp;</p>
<p>The platform also provides various infrastructure options for the user, including decentralized storage, one-block finality, oracles, NEOFS, Poly Network, Neo Name Service, and Neo ID.&nbsp;</p>
<p>Decentralized storage refers to a peer-to-peer network of operators with whom data is shared to strengthen the data-sharing and storage system. One-block finality ensures efficient and fast transactions within a single block of the blockchain, being self-fault-tolerant.</p>
<p>Oracles fetch data from various off-chain data that are large non-transactional data that cannot be stored in the blockchain. NEOFS is a distributed storage solution that offers privacy and maximum data scalability.</p>
<p>Poly Network aims to facilitate interoperability between different chains. Lastly, Neo Name Service is a decentralized domain name service for web applications, while Neo ID is a decentralized identity solution.</p>
<h2 class="wp-block-heading" id="strong-technical-analysis-prediction-of-the-gas-coin-price-strong"><strong>Technical Analysis &amp; Prediction of the GAS Coin Price&nbsp;</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/r1RCgxBzCXZcq12xCnb2q06xvGVSiZBLYiu-EyOVvlFMD945n4iKYKkVuzEa85-pojBFm2VEPtMHvbYngzmm2ayRM1GsSH1F4jKPJe6gyZ6DUkHNMWwrJB1reHQzAyvRvPg5OxPaMqqgOJ46rJQN6s25ea-1jvGcOK0I-ro93XVOxzqiE8QBvHQ7Pfqr4A" alt="GAS Coin: Downtrend Strikes GAS Token, Here’s What To Do">
  <figcaption class="wp-element-caption"><a href="https://in.tradingview.com/chart/X78t0Vyp/?symbol=BINANCE%3AGASUSDT" rel="noopener noreferrer nofollow">GAS/USDT</a> chart by TradingView
  </figcaption>
 </figure>
</div>
<p>The DHT coin is currently trading at $6.95, and there seems to be an increase in bullish activity after a 14% surge in the last 24 hours. The bulls have done their part, and they’re now looking to break the resistance which stands at $7.27. On the other hand, the bears will be active and trying to push the price down on the resistance.</p>
<p>Taking into account the neutral zone of RSI and the gap between its SMA level. The current price prediction is bullish. However, there have been some bearish volumes recorded since the start of the trading sessions today, the bulls will likely break the current resistance.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>Gas coin pays for network usage and executing smart contracts on Neo, a digital platform in China. Neo uses smart contracts for various use cases like secure digital identities and digital assets. Today’s trading sessions have recorded bearish volumes but the bulls are expected to break current resistance.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support Levels:</strong> $4.707 and $2.868</li>
 <li><strong>Resistance Levels: </strong>$7.272 and $10.79</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.</p>

GAS Coin: Downtrend Strikes GAS Token, Here’s What To Do

Table of Contents

Thecoinrepublic.com

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