Will Gorilla Crypto Breakout and Blossom Again: Price Analysis
The Gorilla crypto is up nearly 2.47% in Intraday and currently trades close to 0.0055 USD.
The GORILLA crypto price has broken below the key exponential moving averages of 20 and 50 day suggesting weakness over the charts.
Gorilla Crypto attracts some buyers on the second consecutive day. The crypto was hovering close to 0.0055 USD at the time of writing. The recent buying from the previous demand zone indicated the presence of the buyers at the lower levels.
The short term trend has weekend after the price has dropped back below the key dynamic supports of 20 and 50 day EMA. The bears seem to be dominating in the short term and the price has entered a short term correction phase.
Currently, the bulls have established themselves near the recent demand zone of 0.0047 USD and whereas the bears have currently held near the 20 and 50 day exponential moving average.
However, the long term trend outlook is bullish above the recent support of 0.0047 USD. Now if the bulls are able to defend this level and surpasses above the 20 and 50 day EMA. It may validate a trend continuation and the crypto may continue to surge higher.
Gorilla Crypto Volume Analysis
The volume analysis shows that GORILLA crypto received nearly 550.47 K USD in the past 24 hours which is nearly 6.32% lower than the previous day. The total market capitalization of Gorilla is 4.52 Million USD.
The volume to market capitalization of Gorilla is 12.25% indicating mild volatility in the crypto. It has a circulating supply of 838.084 Million GORILLA tokens which is also the total supply.
Gorilla Crypto Technical Outlook.
From a technical point of view, the Gorilla cryptocurrency price has made a breakdown below the 20 and 50 day exponential moving average suggesting a weak outlook in the short term. However, the long term trend outlook is still positive above the recent swing low.
At the time of writing, the RSI line was placed close to 42.11 points and that of the 14 day SMA line was at 41.48 points. Both the SMA and RSI line had withdrawn below the mean line suggesting a negative outlook in the short term.
Gorilla Crypto Forecast 2024
On the most optimistic note, Gorilla Price could gain to a high of $0.0072 as the highest value in April if the bulls are able to surpass the recent dynamic resistance of 20 and 50 days. On the other hand, the most pessimistic prediction of our analysts is for the price to reach $0.0.004 if it breaks below the recent support level of $0.0047.
Conclusion.
The Gorilla crypto has been recovering for the second consecutive session and has shown some signs of positivity near the demand zone. The bears seem to be dominating in the last few weeks which has dented the overall trend and has dragged the price lower. The recent support might be the last line of defense before a reversal.
Now, if the bulls are able to hold the crypto price above the demand zone of 0.0047 USD and surpass the 20 and 50 day EMA. it may trigger a short covering among the sellers and the crypto may rise further.
Technical levels:
Support levels: $0.0047 and $0.0040
Resistance levels: $0.0072 and $0.0097
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
The GORILLA crypto price has broken below the key exponential moving averages of 20 and 50 day suggesting weakness over the charts.
Gorilla Crypto attracts some buyers on the second consecutive day. The crypto was hovering close to 0.0055 USD at the time of writing. The recent buying from the previous demand zone indicated the presence of the buyers at the lower levels.
The short term trend has weekend after the price has dropped back below the key dynamic supports of 20 and 50 day EMA. The bears seem to be dominating in the short term and the price has entered a short term correction phase.
Currently, the bulls have established themselves near the recent demand zone of 0.0047 USD and whereas the bears have currently held near the 20 and 50 day exponential moving average.
However, the long term trend outlook is bullish above the recent support of 0.0047 USD. Now if the bulls are able to defend this level and surpasses above the 20 and 50 day EMA. It may validate a trend continuation and the crypto may continue to surge higher.
Gorilla Crypto Volume Analysis
The volume analysis shows that GORILLA crypto received nearly 550.47 K USD in the past 24 hours which is nearly 6.32% lower than the previous day. The total market capitalization of Gorilla is 4.52 Million USD.
The volume to market capitalization of Gorilla is 12.25% indicating mild volatility in the crypto. It has a circulating supply of 838.084 Million GORILLA tokens which is also the total supply.
Gorilla Crypto Technical Outlook.
From a technical point of view, the Gorilla cryptocurrency price has made a breakdown below the 20 and 50 day exponential moving average suggesting a weak outlook in the short term. However, the long term trend outlook is still positive above the recent swing low.
At the time of writing, the RSI line was placed close to 42.11 points and that of the 14 day SMA line was at 41.48 points. Both the SMA and RSI line had withdrawn below the mean line suggesting a negative outlook in the short term.
Gorilla Crypto Forecast 2024
On the most optimistic note, Gorilla Price could gain to a high of $0.0072 as the highest value in April if the bulls are able to surpass the recent dynamic resistance of 20 and 50 days. On the other hand, the most pessimistic prediction of our analysts is for the price to reach $0.0.004 if it breaks below the recent support level of $0.0047.
Conclusion.
The Gorilla crypto has been recovering for the second consecutive session and has shown some signs of positivity near the demand zone. The bears seem to be dominating in the last few weeks which has dented the overall trend and has dragged the price lower. The recent support might be the last line of defense before a reversal.
Now, if the bulls are able to hold the crypto price above the demand zone of 0.0047 USD and surpass the 20 and 50 day EMA. it may trigger a short covering among the sellers and the crypto may rise further.
Technical levels:
Support levels: $0.0047 and $0.0040
Resistance levels: $0.0072 and $0.0097
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.