Gnosis (GNO) Technical Analysis 2021 for Crypto Traders

Gnosis (GNO) Technical Analysis 2021 for Crypto Traders

In Gnosis (GNO) Technical Analysis 2021, we use past statistics, price analysis, RVOL, MA, and much other information about GNO to analyze the future trend of the cryptocurrency

Gnosis has created a new market mechanism for decentralized financing.  Its three interoperable product lines allow users to securely create, trade and hold digital assets on Ethereum. Gnosis has developed a conditional token framework to support decentralized prediction markets like the Omen platform.

Gnosis (GNO) Current Market Status

According to CoinGecko, the GNO price is trading at $226.85 with a 24-hour trading volume of $4,289,714, at the time of writing. However, GNO has increased by 4.7% in the last 24 hours.

In addition, GNO has a circulating supply of 1,504,587 GNO coins. Currently, GNO trades in  HitBTC, Kraken, BKEX, Uniswap (V3), and Hoo.

Gnosis (GNO) Technical Analysis 2021 

Gnosis (GNO) holds the 154th position on CoinGecko right now. The recent development and upgrades might push GNO to reach new heights. Now, let’s deep dive into the GNO technical analysis 2021. The daily time frame chart of Gnosis (GNO) is shown below.

GNO/USDT Head and Shoulder Pattern (Source: Tradingview)

An inverse head and shoulders pattern is similar to the standard head and shoulders pattern, but inverted: the head and shoulders top is used to predict reversals in downtrends.

The inverse head and shoulders pattern begins with a downtrend. This is the long-term decline that will eventually lead to exhaustion and a reversal higher as sellers exit and buyers step up. Minor support, forming the first shoulder, meets the downtrend. As the market begins to rise, it hits strong resistance and the downtrend resumes.

The strong resistance level is called the neckline. After the market makes a lower low, it finds strong support, forming the pattern’s head. Once again, the market encounters resistance at the neckline, which forms the second shoulder.

Currently, GNO is trading at $226. After this, GNO may continue to fall or rise according to the direction of breakout. With this pattern, GNO might reach the resistance level at $295 soon. If the trend reverses, then the price of GNO may fall to $148.

Gnosis (GNO) RSI

The below chart shows the relative strength index (RSI) of GNO. 

GNO RSI (Source: TradingView)

As shown in the above chart, RSI remains at 79.25. This shows that GNO’s price is in an overbought state. This shows that traders have to trade carefully, however, major price reversal could take place.

Gnosis (GNO) RVOL

The below chart shows the Relative Volume of GNO. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume.

GNO RVOL(Source: TradingView)

Currently, the RVOL of GNO lies above the cutoff line which represents the stronger participants in the current trend.

Gnosis (GNO) Moving Average

GNOs Moving Average (MA) is shown in the chart below. MA supports traders to find trends.

GNO MA (Source: TradingView)

Currently, GNO is in a bullish state. However, GNO price is above 50 MA (short-term), and it has a high chance of moving higher. Furthermore, the GNO price is above 50 MA and 200 MA (long-term), so it is completely in a bullish state. Moreover, there is also a possibility of Trend reversal at any time.

Gnosis (GNO) Price Comparison With Bitcoin

The below chart shows the price comparison between GNO and BTC. 

GNO vs BTC Price Comparison chart(Source: TradingView)

From the chart, we can identify the trend of the BTC and GNO is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of GNO also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the GNO platform. Gnosis has a great future ahead in this crypto market. However, GNO can reach new heights.

Bullish GNO price prediction 2021 is $245. As mentioned above, it may reach great heights, however reaching $295 is also possible, if investors have decided that GNO is a good investment in 2021.

FAQ

What is GNO?

GNO is an ERC20 token based on Ethereum, which will be sold during the Gnosis ICO. The main use case of GNO is to generate OWL tokens through staking. Its native coin is Gnosis.

Where can you purchase GNO?

GNO is listed on many cryptocurrency exchanges that include HitBTC, Kraken, BKEX, Uniswap (V3), and Hoo. 

Will GNO reach a new ATH soon?

With the ongoing developments and upgrades within the GNO platform, it has the high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.