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Vikram
Apr 12, 2022
by Vikram

GNO Technical Analysis: GNO Prices Prepares To Take A Nosedive

GNO
GNO coin price action continues the lower low formations with a bearish engulfing candlestick of 16%. Will the downtrend reach $300?

Key technical points:

  • The GNO prices plummeted 30% last fortnight. 

  • The market value plunged under the 200-day EMA. 

  • Finally, the 24-hour trading volume of Gnosis is $19.84 Million, marking a 103% rise.

    • Past Performance of GNO

    GNO coin price showcased a phenomenal bullish reversal rally starting from the $285 mark to the $478 level, accounting for a 66% growth in two weeks. However, the daily candles at $478 showcased higher price rejection due to increased supply, pushing prices under $500, resulting in long-wick formations. 

    TradingView Chart

    GNO Technical Analysis 

    GNO coin prices show the bearish engulfing candlestick breaking under the $350 mark and the 200-day EMA. Hence, the most likely possibility is a downtrend continuation to the $285 mark.

    The bullish aligned EMAs maintain a sideways trend surviving the bearish fall but might shortly undermine the bullish crossover of the 50 and 100-day EMA by regaining the bearish formation. Moreover, the 200-day EMA collapses and fails to do damage control. 

    RSI Indicator: The RSI slope shows a small spark of recovery after a sharp fall from the overbought territory into the nearly oversold zone. Hence, the indicator projects a boom in selling pressure. 

    MACD Indicator: The MACD and signal lines maintain a bearish trend, with the wavering fast line indicating short-term discrepancies and increasing the chances of bullish crossover. Hence, the indicator gives a slightly weak bearish signal.

    In a nutshell, the GNO technical analysis highlights the increasing selling pressure ready to drive the prices under $300.

    Upcoming Trend 

    GNO coin price action forms a massive bearish engulfing candle of 16% overnight resulting in the $350 fallout reflecting the substantially increased selling pressure. The next prominent support level apart from the psychological barrier of $300 is $285. Hence, traders can expect a downfall of 15% in the upcoming sessions. 

    Support Levels: $300 and $285

    Resistance Levels: $384 and $400

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    Gnosis GNO
    GNO Technical Analysis: GNO Prices Prepares To Take A Nosedive
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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