The Gorilla price surged more than 42% in the last 24 hours to trade at $0.006979 as of 2:25 a.m. EST as investors bet big on the altcoin.
This latest jump in the GORILLA price has pushed its yearly gain above 2,861%. It also pushed the crypto’s weekly and monthly performances back into the green.
The Gorilla Price Attempting To Break Another Price Barrier
4-hour chart for GORILLA/USDT (Source: TradingView)
The Gorilla price is attempting to break above the resistance level at $0.007014 after it managed to overcome the $0.005606 barrier in the past 24 hours. If the altcoin closes a 4-hour candle above $0.007014 within the next 12 hours, it may have a solid foundation to continue climbing in the next couple of days.
Traders may then enter into long positions for the crypto which might push GORILLA towards the major resistance at $0.009196 in the following 24 hours. Enough buy pressure could even lead to the altcoin overcoming this threshold and attempting a challenge at the $0.012055 mark in the short term.
Before traders and investors enter into long positions, they will want to take note of the rising wedge that has formed on GORILLA’s 4-hour chart. This is a bearish pattern which is usually seen as a warning of an imminent correction.
Should the crypto not close a 4-hour candle above $0.007014 within the next 12 hours, this pattern may be validated. Sellers might pull the Gorilla price down to the aforementioned $0.005606 mark as a result. Continued sell pressure at this point could then lead to the altcoin falling to as low as $0.004565.
Sellers May Soon Gain Control Of The Gorilla Price
Technical indicators on GORILLA’s 4-hour chart are still flagging bullish. However, a sign of diminishing buying power has popped up. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators point to a continued rise for GORILLA in the coming 24-48 hours.
The MACD line is breaking away above the MACD Signal line. Not only is this seen as a sign that a crypto has entered a positive cycle, it also suggests its bullish momentum is growing stronger.
Meanwhile, the RSI is positioned above its Simple Moving Average (SMA) on the 4-hour chart, which signals that buyers are stronger than sellers. However, the RSI formed a peak in overbought territory in the last 8 hours and has since declined.
This could be an early sign of an upcoming bearish trend reversal. Traders may short GORILLA as a result given its downside potential is currently greater than its upside potential.
While the Gorilla price stands the risk of correcting soon, investors are flocking to the Dogecoin20 presale for potential 100X gains in 2024.
Investors Scramble To Buy This Meme Coin Before Its Launch This Month
Crypto traders and investors continue to flock to Dogecoin20’s presale. The meme coin, the first major upgrade to the DOGE branding and technology since Dogecoin launched in 2013, has raised over $10 million through its ICO. This led to the presale selling out earlier than expected.
Due to this extreme popularity, the project’s team have decided to give investors one last chance to buy the meme coin before Dogecoin20’s launch on Apr. 20. With 17 days left, Dogecoin20 (DOGE20) shows the promise to print substantial returns for investors on launch.
$10M Raised and Counting: Why Dogecoin20 is Going Viral Ahead of Doge Day?https://t.co/Op6F4Gbeol
— John Morgan (@johnmorganFL) April 1, 2024
Launched as an ERC-20 token, DOGE20 not only serves as a more eco-friendly solution to the original Dogecoin, but also enables token holders to earn rewards through staking. Anyone who buys and locks up tokens at this early stage will be eligible for up to 64% in annual rewards.
Higher Growth Potential Than The Original Dogecoin
Dogecoin has come a long way since its launch and currently holds the title as the biggest meme coin by market cap. However, its price potential remains hindered due to its uncapped token supply. Dogecoin20 seeks to capitalize on this pitfall, with the team capping the newer meme coin’s supply at 140 billion.
This fixed amount of tokens positions Dogecoin20 perfectly to outperform the legacy DOGE in the medium to long term. If the momentum that Dogecoin20 has managed to build during its presale carries on after its launch, it may only be a matter of time before DOGE20 leaves the original meme coin in the dust.
Investors that want to get in on DOGE20, can do so on the project’s official website. Selling for $0.00022, Dogecoin20 can be bought using either ETH, BNB, USDT, or bank card.
DOGE20 can be purchased here.
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