The last 24 hours haven’t been very kind to GXChain (GXS); the digital token has failed to impress with a decline nearing the 12% mark.
The decline seems to be part of a larger trend for the digital token that has seen its 7-day performance slip to -3.53%. But how bad are things really? Looking at the performance over the last 30 days it becomes clear that the token is really just stuck in a slump of sorts. In fact, the current round of decline is not that bad when compared to the trading price for the digital token on March 18. On that day, at around 11 am, GXS tumbled to a low of $2.17. Since the decline on March 18 GXS has steadily regained its strength, reaching a high of $3.23 on March 20.
When the numbers are examined slightly farther back, there is an even bigger price profile for the digital token. On February 21 GXS actually reached a high of $4.26, one of its biggest jumps in a while. This was followed by a slightly steeper climb on the February 22 when the token reached a high of $4.38. Since those highs, however, GXS has failed to maintain its top-tier trading, declining steadily over the last few weeks. To the credit of the token, it has performed well against other tokens that saw greater declines over the same period.
And GXS big drop didn’t come until around March 9; that was when the token tumbled to $2.84 after hovering above $3 for much of the start of the month. Before that, towards the end of February, GXS had started to show some resilience and at one point it was evident from its charts that it was able to maintain its trading pedigree above $4.
As GXS heads into April many investors and traders will be wondering whether GXS can reclaim its spot among the better performing cryptocurrencies. The general spirit in the digital currency market is at present mixed. Some traders and investors are optimistic that the best days for digital tokens are ahead. For these traders and investors, the gains achieved now will be nothing compared to what is coming. Other traders and investors are not so sure. For them the constant flux, especially as it relates to regulation and jurisdiction of trading, is a source of worry, not optimism.
Traders and investors who’ve looked at GXS with a long-term eye will at least take comfort in the fact that it has traded strong in the past. This suggests, at least, that the digital token has some underlying strength.