The Gorilla price has surged 33% in the last 24 hours to trade at $0.006400 as of 9:34 a.m. EST.
This surge comes as CoinRaces, a crypto tracker breakouts, alerts that Gorilla (GORILLA) is making a notable breakthrough in the crypto market.
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𝗚𝗢𝗥𝗜𝗟𝗟𝗔 $GORILLA is breaking out. 24h Price Change: 𝗨𝗽 𝟯𝟭% 🔥 24h Volume Change: 𝗨𝗽 𝟴𝟯% 💥 𝗢𝗽𝗲𝗻 𝗖𝗵𝗮𝗿𝘁: https://t.co/MJiJguLi6U pic.twitter.com/Ps0Z75e47l
— CoinRaces.cc (@CoinRaces) June 5, 2024
Gorilla’s trading volume is $4 million, indicating an 859% increase in the past 24 hours, showing robust market interest. This surge in volume, in an upward price movement, underscores intense buying pressure, potentially fueling further bullish momentum.
Gorilla Price Poised For a Bull Rally
The Gorilla price indicates a sharp spike in price shown by the green engulfing candlestick. Traders look to this candlestick to suggest a bullish trend reversal is in place and that the bulls can initiate a bull rally.
GORILLAUSDT. Source: Tradingview
The Relative Strength Index (RSI) sits above the midpoint level of 50, indicating a bullish indicator and signalling a solid presence of GORILLA bulls in the market. Increased buying pressure should see the RSI jump into the overbought zone 70.
Additionally, this momentum indicator’s consistently rising lows further tip the odds in favor of upward movement, suggesting a higher likelihood of continued gains.
On the other hand, the Moving Average Convergence Divergence (MACD) indicator is currently bullish, with the blue average line crossing the signal line (orange band) slightly above the neutral level. The bars also turn green above the neutral line, indicating intense buying pressure.
The Bollinger Bands (BB 20, 2) show that Gorilla’s price is close to the upper band, suggesting possible overbought conditions. However, a breakout above this band could indicate a continuation of strong bullish momentum.
Additionally, Gorilla’s price is trading above the 50 and 200 simple moving averages, indicating solid support. Furthermore, a moving average golden cross (50 crossing over 200) further strengthens the overall bullish sentiment.
According to Coincodex’s price prediction, Gorilla is forecasted to rise by 221.48% and reach $ 0.020147 by July 5, 2024. Despite this optimistic forecast, current sentiment indicators suggest a bearish outlook, with the Fear and Greed Index at 75, indicating greed in the market. Gorilla has experienced 13 out of 30 (43%) green days, with a price volatility of 19.17% over the last 30 days.
Can Gorilla Price Reach $0.01?
The recent breakout, a positive MACD crossover, and a robust RSI indicate upward solid momentum. If the momentum increases, it could give the bull’s hind wings to fly the price to $0.007723, a 61% gain from the current price.
A further surge above this crucial resistance point could see the bulls catapult the price to reach $0.01 in the upcoming days.
On the flip side, If selling pressure continues to rise, Gorilla’s price may decline further, possibly even retracing back into the confines of the lower Bollinger band.
In a worst-case scenario, it could retest the lower end of the market range, forcing the bulls to retreat to the $0.005754 support level.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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