GNO Price Analysis: Will Gnosis Top $500 This Week?
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The post GNO Price Analysis: Will Gnosis Top $500 This Week? appeared first on Coinpedia Fintech News
With a visible uptrend in motion, the GNO price trend shows a continuous bull run. Regular breakout events and the surge in trading volumes fuel the uptrend in the Gnosis token price.
As the altcoin shows a new bullish week, the sideline traders anticipate a new all time high in the coming days. Will the uptrend in the Gnosis token surge above the $450 mark? Let’s find out now if the GNO price will cross $500 this week.
Post-Retest In Gnosis Eyes $500
With a 22% jump in the last 30 days, Gnosis reaches a market cap of $910 million. As the bull run in the GNO token price, the altcoin aims for a billion dollar market cap this month.
In the 1W chart, the GNO price trend shows a bullish trend continuation with multiple flag pattern breakouts. Further, the trading volume in 2024 is surprisingly more, bolstering the bullish trend.
In the daily chart, the ongoing recovery is a positive cycle in the pullback phase. Hence, the rising GNO price reveals a challenging resistance trendline keeping the bullish growth under check.
Currently, the altcoin trades at $348 following the impressive jump of 8.34% last night, to form a bullish engulfing Candle. However, higher price rejection and the intraday pullback of 1.63% reveals strong overhead supply.
Technical indicator:
EMA: The bullish recovery surpassed the 50D EMA with a positive trend in the 200D EMA.
RSI: The daily RSI line shows a spike in buying pressure as it surpasses the halfway line.
Will The GNO Price Reach $500?
With the buyers attempting a resistance trendline breakout of a falling channel, the Gnosis token is on the verge of a price jump. Further, the overall uptrend visible in the weekly chart reveals a stronger bullish side.
If the uptrend gains momentum with a brawl rally, then the GNO price can surpass the psychological mark of $500. Optimistically, the bull run will continue to reach $556 this month.
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