The Gorilla price has surged by 100% in the past month and experienced a 6% increase over the last 24 hours, reaching a trading value of $0.004861.
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Analysis of Gorilla Price Movement
Market Trends and Support Levels: Despite an 84% decrease in trading volume, the Gorilla token managed to secure a position on today’s top trending list on CoinMarketCap. Currently, the token finds support around the 50-day Simple Moving Average (SMA) at $0.004367.
Technical Indicators Suggest Potential Decline: From a technical perspective, the Gorilla price is poised for a potential downturn. The Relative Strength Index (RSI) indicates a downward trend, signaling declining momentum. If the RSI continues on this trajectory and crosses below the 50 threshold, it could initiate another bearish cycle.
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Additionally, the Moving Average Convergence Divergence (MACD) is below its signal line and in negative territory, further supporting a bearish outlook. The Awesome Oscillator (AO) indicator also sits in negative territory, reinforcing the bearish sentiment.
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Bearish Scenario and Potential Price Targets: With a red Japanese candlestick indicating bearish momentum, the bears are already active in the market. If they maintain control, the Gorilla price may first lose support at the 50-day SMA before potentially dropping further to the midline of the channel. In a worst-case scenario, the market value of GORILLA could decline to $0.005592, representing a 55% decrease from current levels.
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Impact on GORILLA Holders: As long as the price remains within the channel’s boundaries, GORILLA holders may continue to face losses.
TradingView: GORILLA/USDT 1-day chart
Potential Upside Scenario for Gorilla Price
If the bulls exert increased buying pressure, the Gorilla price has the potential to move upwards. The first significant milestone would involve surpassing the 23.6% Fibonacci retracement level at $0.005592. Breaking through this level could pave the way for GORILLA to breach the upper boundary of the channel, setting the stage for further gains.
Once past the 23.6% Fibonacci level, the next target for GORILLA would be the 38.2% Fibonacci level at $0.007754. Achieving this would signify a significant upward trend. In a highly bullish scenario, the altcoin may even test the 50% Fibonacci level. Surpassing this level would invalidate the bearish thesis and indicate a strong bullish momentum for GORILLA.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
