Gorilla price has risen by 40% in the last 24 hours to $0.01247 per share, on a surge in trading volume of 418% to $6.77 million. The token has gained 175% in the last seven days, although its weekly chart shows that it has encountered strong resistance at $0.014, which has prevented its continued growth several times. Earlier today, GORILLA made another unsuccessful attempt to break out. This new rise in the token comes amid the broader crypto market rally led by Bitcoin in the last two weeks.
Gorilla Price Prediction
The price of Gorilla rose to the $0.014 resistance level for the third time in the past week, but like the last two times (both on March 5), the coin’s price was rejected. Previously, the price rejection took GORILLA down to $0.008, but this time, the project managed to stay above $0.012.
Considering that the token’s gains were triggered by a broader altcoin rally, the reasons for the price increase are fundamental. However, now that the hype appears to be waning, many in the crypto industry are turning to technical indicators to understand what might happen next.
One of these indicators, the coin’s Bollinger Bands, has shown strong expansion over the past few hours, continuing to expand even after GORILLA hit the $0.014 resistance level. This is a positive, bullish sign. However, it conflicts with the coin’s Relative Strength Index (RSI) score, which clearly dipped deep into the overbought zone, reaching a value of 84.74 before dropping to the current level of 55.31.
This suggests that traders are taking profits after GORILLA hits resistance, which in turn means that they are not looking to break through resistance. However, considering that the price is still finding support at $0.012 and not quickly falling to $0.010 or lower, the bullish side seems to be still strong enough to keep the value of GORILLA relatively high.
However, conflicting technical indicators suggest significant uncertainty and conflict between bulls and bears, so strong volatility is expected.
Depending on which side holds the dominant position, the price of this coin could rise or fall further. If traders start buying the pullback, the price of Gorilla could return to the $0.014 resistance level or even break above it.
However, if they fail to do so, the price could drop again to $0.010 or $0.008, as it did earlier this week.
A promising alternative to Gorilla
Although Gorilla is one of the best performing memecoins, many investors in the sector are constantly on the lookout for new opportunities.
One token that has recently captured the attention of the memecoin community is Peen (PEEN) — the self-proclaimed “strongest” memecoin in crypto, inviting the community to “keep it strong” and “keep it erect.” It has been compared to the Shiba Inu, with the potential for a smaller market cap token to become a market cap behemoth.
The project claims that it and its token represent the biggest memecoin explosion of 2024. In its white paper, or “peenpaper,” the project says it’s not just a token, but a movement, a statement, and it’s meant to be funny.
The project relies on the simple humor that exists within everyone—“the uncontrollable urge deep inside to draw a phallic masterpiece without getting caught.”
The project has a simple and fun cartoon approach that “unabashedly draws from the inner teenager in everyone.” But the accompanying general humor also puts it in a perfect position to pump. In the past 24 hours, its price has risen by 30%.
$PEEN is now available on DEX!
It's time to get involved. This is just the beginning.
Token Contract:
https://t.co/5Qxww8ULkD
Trading on @Uniswap
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Trading on @dexscreener
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#PeenToken
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pic.twitter.com/u3TUx7Qprq
– PEENTOKEN (@PEENTOKEN)
March 5, 2024
Visit PEEN here.
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