The Gitcoin price rose slightly on Thursday as investors cheered the beginning of a new hackathon in the network. The GTC price rose to a high of $3.07, which is slightly above this month’s low of $1.68. The coin’s market cap stands at about $43 million, making it a relatively small-cap cryptocurrency.
What is Gitcoin, and why is it rising?
Gitcoin is a decentralized autonomous organization (DAO) that has created a home for developers to build quality platforms that will change the world. The ecosystem’s products include bounties, hackathons, grants quests, and kudos.
Since its founding in 2019, Gitcoin has raised and provided over $60 million to developers in its ecosystem. It also has a large community of developers who reach over 32k people per month. You can look at some of the best developers in the ecosystem here.
The Gitcoin price is rising after a new hackathon started on Thursday. It will run until June 23 and will see winners pocked thousands of dollars. Some of the matching partners who are supporting the hackathon are Coinbase, The Graph, Filecoin, Celo, and Polygon, among others. These platforms will provide financing on projects supporting Ethereum Name Service, climate change, file storage, gaming, and diversity.
Gitcoin price prediction
Turning to the daily chart, we see that the GTC price has been in a strong downward trend in the past few months. Precisely, it has fallen by almost 90% from its all-time high. Moreover, a closer look shows that it declined below the important support at $4.67, which was the neckline of the giant head and shoulders pattern that formed.
Now, Gitcoin remains below the 25-day and 50-day moving averages. It has also formed what resembles a bearish flag pattern, which is usually a warning sign. Therefore, Gitcoin will likely have a bearish breakout in the coming days and retest $1.6, which was the lowest point in May. A move above the resistance at $4.67 will invalidate the bearish view.