- Gnosis (GNO) price fell 0.06% on the past day and it is currently trading at $113.63.
- Gnosis (GNO) whale holdings data states that whales hold a massive 90.7% of the total supply with an increment of 0.2% in the holdings in the past 1 year.
Gnosis (GNO) cryptocurrency was launched in 2015 with the aim to build decentralized infrastructure on Ethereum. It uses the CoW (Confidence of Wants) protocol which is a decentralized exchange(DEX). It distinguishes itself by utilizing a number of methods for matching and performing transactions.
Gnosis’s price is currently trading at $113.63 at a loss of 0.06% in the past 24 hours. It holds a total market cap of $294.2 Million and ranks at 101st position in the crypto market. It has received a $1.6 Million volume in the past 24 hours which is 41% more than the previous day. Also, it has over 2 Million circulating supply which is 86.3% of the total supply.
As per the GNOS price analysis, Gnosis cryptocurrency was in a declining phase since September 2022. Gnosis price was forming lower highs and lower lows. However, in January 2023, the price took support from lower levels, and a double bottom pattern was observed on the chart in the weekly timeframe. After that more buyers showed interest and the GNO price hiked by 35% and started forming a symmetrical triangle pattern near the swing high.
Gnosis (GNO) Price Technical Analysis
Currently, the Gnosis (GNO) price is forming a symmetrical triangle pattern, taking rejection from the upper trendline and bouncing back from the lower support trendline. The zone has contracted enough to make either a breakout or a breakdown on either side. Hence, GNO may be a good cryptocurrency to look for as it may blast in the coming weeks. For now, it is unable to state the direction in which it will make a break as the price is consolidating with low volume in the market.
Indicator Analysis
As per the EMA analysis, the price is moving in a range, it is not respecting the 20-day EMA at the time.
At the time of publishing, the RSI value is 49.56 and that of the SMA line is 50.31. RSI is headed to the upside and taking support from SMA which indicates bullish sentiment in the market.
MACD lines have made a bullish crossover and both the lines are below the mean line. Overall, the indicator is showing neutral sentiment for Gnosis (GNO) cryptocurrency.
Conclusion
As per the combined analysis of price action and indicators, Gnosis’s (GNO) price is forming a symmetrical triangle pattern with the seller’s presence at the upper trendline and the buyer’s dominance at the lower trendline. Now, the range has contracted and the price may go directional on either side and may give 30 to 40% ROI if breaks out. Indicators are showing neutral to bullish sentiment. However, it is unable to predict the direction of the breakout as there is a low volume and consolidation is going on at the moment.
Technical Levels
- The support levels at $100.19 and $77.65
- The resistance levels at $127.24 and $148.02
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
