Gas Price Prediction: 2024, 2025, 2030

GAS price prediction: Key highlights

1. Primary support and resistance levels

• Analyzing the weekly timeframe, the lowest support level for GAS lay at $2.1.
• Meanwhile, $20 can likely prove to be the peak resistance.

2. Market sentiment

• As of April 2024, the bullish sentiment surrounding GAS appears to be weakening.

3. Predictive forecasts

• Forecasts from AI/ML predictive models estimate that the average price of GAS will reach $23 by 2028 and increase to $130 by 2035.

Get insights on GAS via a comprehensive weekly technical analysis, followed by the coming weeks of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models: 

GAS technical analysis: Bullish sentiment struggles amid increasing selling pressure

GAS’ prospects for buyers have been less than appealing, but Gas price prediction for 2024 might bring some new perspective. Till mid-April, the price tested the resistance at $3.6. The rejection at this level led to a series of declines. 

By June, the cryptocurrency was further engulfed in bearish clutches, with its price falling to the lowest support within the analyzed time frame at $2.1. Attempts to breach the previous resistance again in July faced a similar trajectory. The price retraced its steps to the lowest support by mid-August.
 

Towards the end of October, the market witnessed a paradigm shift as bullish forces gained the upper hand, propelling GAS beyond the $3.6 resistance. Subsequent price pumps led GAS to soar as high as $29 by November.

The main catalyst for this surge was the GAS/KRW trading pair on the Upbit exchange. Data from Lookonchain disclosed that Upbit accounted for an astonishing 61% of the trading volume for GAS pairs, marking it as a major factor in this unexpected rally. Additionally, revelations from the Neo founder about the creation of a sidechain designed to eliminate toxic Maximum Extractable Value (MEV) and censorship played a pivotal role. 

However, the euphoria was short-lived. GAS could not sustain this peak and faced a sharp rejection, indicating overvaluation. This led to a price correction. The price fell below its temporary support at $9.1 in mid-November, turning it into a new high resistance.

Entering mid-December, the price dipped below $7. The bulls were able to stabilize GAS at $5 support in January. Their consistent pressure led the altcoin to reclaim this level as support by the end of February. 
 

Nonetheless, the price retraced its steps back below $7 by mid-March. At the time of writing, GAS was trading at $5.6, with bulls striving to defend the current support.

Given GAS' utility as a fuel token for the sidechain, its consumption and, by extension, its value is expected to increase as the sidechain development progresses. Short to medium-term prospects suggest that if bulls successfully breach the current resistance, GAS could target price levels of $14 and $20. However, the latter can also temper further gains.
 

Conversely, bearish pressures could see GAS’ current support level breached, with the price retracting to $3.6.

Our predictive models indicate that by 2028, the average price of GAS is expected to reach $23. This growth is noteworthy as it reflects a robust recovery in the market. Despite this positive outlook, the pathway to surpassing its all-time high (ATH) remains lengthy. The models anticipate that by 2035, the average price of GAS could potentially soar to $130.

GAS' 2024 roadmap: Key indicators to watch and trade

• The trading volume started out concerningly low but began to recover as the price pumped in Q4 2023. As GAS retracted below its peak resistance, a corresponding decline in trading volume was noted. This reflected a lack of conviction among traders at higher price levels, often seen before a potential downturn.
• The On-Balance Volume (OBV) indicator remained relatively flat until mid-October, suggesting that the trading volume was consistent, with no significant buying or selling pressure. 
• Following this period, the OBV experienced a sharp peak, reaching as high as 1.993 million by the end of October. This peak was succeeded by a decline that resulted in the indicator registering negative values.
• By the conclusion of the analysis, the OBV stood at -693,355. This marked the lowest value over the observed period, further emphasizing the increase in selling pressure.
• The Moving Average Convergence/Divergence (MACD) line fell below the signal line in May. It subsequently dropped below the zero line in June, with the signal line following by the end of the month. 
• It was not until October that the MACD line climbed above the signal line and turned positive towards the end of the month. The signal line also followed shortly thereafter. Notably, the MACD line continued to ascend until December, after which it reversed its trajectory.
• Although it fell below the signal line again in January, the decline was less severe, with both lines staying above the zero line. At the latest measure, the MACD line was at 0.2615, the signal line was at 0.4922, and the histogram stood at -0.2307. This implied that the underlying asset's price was generally in a longer-term uptrend despite recent bearish activity.