Gorilla Looks To Retest The Multi Month Support!Gorilla Looks To Retest The Multi Month Support!
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At the time of writing, the Gorilla was exchanging hands close to $0.004 recording a swift intraday drop of nearly 12%. with a live market capitalization of $3.46 Million, it ranks 1494th among all the cryptocurrencies.
From a technical perspective the Gorilla price recently suffered rejection from the key 20 and 50 day exponential moving averages and reversed its course towards the downwards. The price was currently headed to retest the multi month support value of $0.003.
Moreover, the RSI line and the 14 day SMA line had withdrawn from the mean line indicating a weakness over the charts. Also, a bearish crossover of both the lines was observed suggesting a possible continuation of the trend.
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asset is displaying bearish signsThe Gorilla price's daily chart revealed massive price fluctuations which resembled like a fierce battle between bulls and bears. The bulls dominated the first week of December 2023, causing the price to rise from the demand zone at $0.003000 to $0.016500 by December 19th.
However, the price fell back to the same demand zone at $0.003000 by January 29th. The bulls tried again from the same demand zone at $0.003000 by January 30th, 2024, resulting in the price soaring to $0.018000 by March 9th, 2024, where the candle closed at the $0.013500 price mark. The price attempted to sustain near the supply level but failed after March 10th and followed a lower low and high pattern.
The Gorilla crypto faced a severe plunge after touching the resistance supply level and declined to lower levels.
Despite a significant decline, the Gorilla asset still appears bearish and has fallen below the significant trend in the 20-day and 50-day EMA bands. If sellers continue to surge, the drastic decline could extend to even deeper levels, or the price may start consolidating in the short term.
The Gorilla asset is displaying bearish signs and may sink even lower. Negative price performance of -7.51% and -21.32% were recorded in previous weeks and months, respectively, indicating a steady downward trend.
Currently, the price is trading at $0.004477, with an intraday decline of -4.68%. Therefore, if the price breaks the immediate critical support level of $0.003500, it is likely to reach even lower depths. However, if the price recovers, then the above targets for the Gorilla price in long trend would be $0.008000 and $0.010000.
Gorilla Price Stays Suppressed: Is Further Decline on the HorizoGorilla price has made a breakdown below the monthly low value suggesting a bearish outlook.
The technical indicators imply a trend continuation on the lower side until the price hovers below the key EMAs.
The Gorilla Price is attempting a recovery in the last couple of sessions. A strong selling from resulted in the breakdown of the monthly lows of $0.0038. The crypto was currently trading close to $0.0039 recording a swift intraday loss of 0.32%
The daily chart shows that the bears are in control of the short term since the 1st week of March 2024. A sharp selling was observed from the monthly high value which dragged the price lower breaking below the 20 and 50 day exponential moving avengers.
Recently, the Gorilla price made a breakdown below the monthly low value which has resulted in a trend shift towards the bearish side. The bulls are attempting to hold but are failing due to lack of volume. The price may continue to drop towards the lower levels.
Gorilla Crypto: Fundamental Outlook.
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The Volume analysis of Gorilla price shows that the crypto received nearly 563.94 K USD in the last 24 hours which is 10.91% lower than the previous day’s volume. Also, it has a live market capitalization of 3.30 Million USD and ranks 1379th in the overall crypto market.
The volume to market cap ratio is 17.68 indicating mild volatility in the crypto. It has a circulating supply of 838.91 Million GORILLA tokens which is also the total supply.
Gorilla Crypto Technical Analysis
From a technical perspective, the Gorilla cryptocurrency trades comfortably below the key EMAs of 20 and 50 days suggesting a bearish outlook. Alos, the EMAs are acting as a dynamic resistance for the price as a rejection was observed on the daily charts after the price retraced the EMA.
Moreover, the RSI line as well as 14 day SMA line has withdrawn below the mean line and is showing no signs of weakness indicating the dominance of sellers in the short term. The RSI line still lies above the oversold region indicating further selloff in the crypto.
Gorilla Price Prediction April 2024
As per the most positive view of our analysts, the Gorilla price may attain $0.0072 suggesting an upside potential of 82.4%. The most pessimistic view assumes the price to drop till the $0.002 level if selling pressure continues to drag the price on the lower side.
Conclusion.
Gorilla Price is trying to find grounds after a sharp sell-off that broke its monthly low. The crypto is trading near $0.0039 with a 0.32% loss in intraday. Furthermore, the Bears have dominated since early March, pushing prices below key exponential moving averages (EMAs).
Despite several attempts, the bulls seem to be struggling to low buying volume inflow hinting at further declines. from a technical perspective, the price is hovering below the 20 and 50-day EMAs, facing resistance. The RSI and 14-day SMA indicate seller control, with potential for more sell-offs as it has not entered the oversold region yet.
Technical levels:
Support levels: $0.004 and $0.0020
Resistance levels: $0.007 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.
Will Gorilla Crypto Breakout and Blossom Again: Price AnalysisThe 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.
