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- 1 Gorilla (GORILLA) price broke below the monthly low value highlighting a bearish outlook on the chart.
- 2 The technical indicators imply a trend continuation on the lower side until the price hovers below the key EMAs.
GORILLA attempted a recovery in the last couple of sessions. Strong selling resulted in the breakdown of the monthly low 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. Sharp selling was observed from the monthly high value which dragged the price lower breaking below the 20 and 50 day exponential moving averages.
Recently, the Gorilla price broke below the monthly low value resulting in a trend shift towards the bearish side. The bulls attempted to hold but fell amid low volume. The price could continue dropping toward lower levels.
Gorilla Crypto: Fundamental Outlook
GORILLA is a new meme token that aims to change the crypto world by being more than just a trend. It offers real benefits, like an IDO Launchpad that gives early investors a head start, and a DEX swap with smart features for better trading.
Additionally, GORILLA’s NFTs are set to compete with famous ones like “Bored Ape Yacht Club.” It’s designed to be a step ahead of typical meme tokens by blending popularity with actual value.
Volume analysis of Gorilla price shows that the crypto received nearly $563.94 K 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 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. Also, the EMAs are acting as a dynamic resistance for the price when 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Moreover, the RSI line as well as 14 day SMA line has withdrawn below the mean line and is showing no signs of weakness indicating the dominance of sellers in the short term.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 support 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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
