Gnosis Is Eyeing A Breakout: Could GNO Reach $400 Mark This Month?

• 1 The GNO token trades inside a falling channel and is preparing for a breakout.
• 2 Its key metrics are directing a bullish view and suggest a rally ahead.

Since the beginning of 2024, the Gnosis token has shown a consistent upmove and reached the supply zone of $450. Due to the market’s bearish sentiment, it regressed slowly & steadily and retested the demand zone of $260 last month.

Afterward, buyers bought the dip, and the GNO token witnessed a massive rebound from the 200-day EMA mark. The token is trading close to its 50-day EMA mark and is looking to breach the downward trendline mark of $350.

A break and close above the $350 mark would unlock a major rally toward the $400 mark shortly. The sellers have tried to defend the $350 mark to avoid being trapped.

At press time, the Gnosis price traded at $323.75 with an intraday surge of 1.10%, reflecting neutrality on the charts. It has a monthly return ratio of 15.40 and 210.30% yearly, reflecting a short-term uptrend.

The pair of GNO/BTC is at 0.00489 BTC, and the market cap is $357.49 Million. Analysts are neutral and suggest that the GNO price may register a channel breakout and reach the round mark of $400 soon.

GNO Capped Inside Falling Channel: Can Bulls Succeed In Breaching It?

For over two months, the GNO token consistently formed the lower low swings and has retraced more than 30% of gains. However, it looks like the correction phase has been completed, and the token is ready to outperform.

Meanwhile, the bulls need to cross the primary hurdle of $350 to trigger the unlock of the bull run, whereas if it slips below $305, the move would be invalid, and possible downswings can be seen ahead.

Source: TradingView

Nonetheless, the trading volume surged significantly and soared over 11% to $13.17 Million in the last 24 hours. It was ranked at 177 per the market cap and has a total supply value of 10 million. Notably, the momentum oscillators are guiding the neutral outlook.

The RSI curve stayed close to the midline region, while the MACD indicator signifies a bullish crossover, revealing that a potential upsurge can be seen ahead.

What Do Social Metrics Suggest?

The overall social metrics direct mixed cues; the social dominance value declined steeply over 32% and dropped to 0.06%, reflecting a decline in user engagement on social media platforms.

Source: Santiment

While the X followers data reflects a noteworthy surge and bounced over 540%, reverted from the negative region to the midline region, signifies a positive move.

Meanwhile, from the beginning of this month, the development activity data witnessed a fresh upmove and highlighted the positive outcome.

@WorldOfCharts, in his old tweet, mentioned the token has Formed a Bullish Flag pattern and is expecting a solid breakout soon. In case of a successful breakout, it might surge toward the $750 mark in the coming sessions.

Source:X

The immediate support levels for the GNO token are $310 and $300, whereas the key upside hurdle is around $350, followed by $370

Conclusion

The Gnosis token price has gained fresh bullish momentum and is eyeing to cross the prompt trendline hurdle of $350. Buyers have gained traction and are eager to uplift the token beyond the seller’s vision.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.