Home
News
- 1 Gnosis is on track to continue its amazing rally after a break in its breakout.
- 2 The price is expected to break the next resistance level and surge, since it is above all EMAs..
Gnosis (GNO) is a project that builds innovative solutions for the Ethereum ecosystem using decentralized technology. Launched in 2015, it aims to solve scaling problems with solid engineering. It recently launched Gnosis Chain, a related execution-layer EVM chain for reliable transactions.
Gnosis operates as a decentralized autonomous organization (DAO) and uses the products it creates to guide decision-making on ecosystem development, support, and governance. Gnosis provides various products, such as Gnosis Safe for multisig and programmable accounts, Cow Protocol (formerly CowSwap and Gnosis Protocol), Conditional Tokens for prediction markets, Gnosis Auction, and Zodiac for composable DAOs.
These products have helped to improve the decentralized infrastructure of the Ethereum ecosystem, with recent developments such as the spin-off of Cow Protocol and the creation of SafeDAO. Gnosis’s mission is based on experimentation and creating decentralized infrastructure for Ethereum, combining user-driven development with technical expertise.
Gnosis Price Movement Since Launch
Gnosis price has demonstrated a lot of changes in price over time, depending on the market scenarios and the demand for it. From June 2020 to November 2021, Gnosis’s price surged dramatically, from $20 to $633.
Thereafter, from December 2021 to January 2023, GNO price plummeted sharply, from $633 to $75. One possible reason for this drop could be that many investors in Gnosis decided to cash out their profits.
After January 2023, Gnosis’s price stabilized at around $100, without much change. This showed that the GNO market was balanced and calm, with no clear direction. This tightness continued for a longer period of time and became a consolidation zone in the rectangle Darvas box.
As of now, the market of GNO was able to break out of it in October 2023, It showed a remarkable rally from $89 to $202..
On this weekly overview, GNO price indicates that the market was earlier waiting for a catalyst. By October 2023, It showed a remarkable rally from $89 to $202 in Gnosis price.
GNO/USD in 1-D Time Frame
On analyzing the chart on a daily time frame, the price of the GNO/USD pair rose by 137.97% since the start of the year and 73.35% in the last six months. Also, GNO price is above all the EMAs and indicates bullishness.
This rally on the GNO chart is likely to continue since it has formed a bullish pattern known as a flag and pole in the daily time frame. Bulls are preparing to smash the next resistance level and soar to new heights from the current level.
Moreover, GNO might surge strongly from the current level. The next possible target could be $210. On the contrary, if it fails and slips, then it could decline to $185.
30-Day Market Value to Realize Value Shows Price is Likely to Rise
The chart illustrates how the Gnosis crypto price and the MVRV ratio are related in the past 30 days. The MVRV ratio measures the average profit or loss of investors who bought an asset (Gnosis ) in the last 30 days.
The chart reveals that the Gnosis price and the MVRV ratio have a positive correlation, which means that they tend to change in the same way.
When the Gnosis price rises, the MVRV ratio also rises, which shows that more investors are earning money and may sell. Likewise, when the Gnosis price falls, the ratio also falls, which implies that more investors are losing money.
Moreover, this may suggest that the Gnosis was in a stable phase earlier, waiting for a factor or an event to move in either direction. This catalyst appeared in October as per the chart.
Summary
The Santiment indicator chart of the Gnosis shows, between its price and the MVRV ratio, that it has a positive correlation. This demonstrates that both the lines in GNO tend to move in the same direction.
Furthermore, in the daily time frame, it seems like Gnosis is ready to resume its amazing rally after a pause in its breakout. On the flip side, it is also possible that it could continue to consolidate to accumulate more buyers. It has formed a bullish pattern called a flag and pole on the daily chart.
Technical Levels
Support Levels: $185
Resistance Levels: $210
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
