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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jun 11, 2024 08:56 UTC
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GNO Price Analysis: Will Gnosis Top $500 This Week?
GNO price action reveals a bullish flag pattern in the weekly chart.
The GNO price teases a trendline breakout in the daily chart.
The breakout rally in the GNO price can reach $550.
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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