Gnosis (GNO) is an Ethereum based platform that aims to disrupt the predictive markets. It can be used in almost all industries that require some element of statistical-based predictions, ranging from insurance to financial markets trading. It is this fundamental value that has given this coin such a good-run in the market, and its currently trading at around $102. But not everyone is in crypto for the long-haul. Some people want to trade actively. So how does this coin hold up in the next 24 hours, for a trader? What are the price projections?
Well, a look at the hourly charts paint a picture of increasing bullish momentum. The price is forming higher lows, with the 21 – day moving average acting as short-term support. The up-trend is further supported by an upward diverge of the 50 and the 100 – day moving averages. This is an indicator that price is moving up faster than the historical average, as indicated by the longer-term 100 day moving average. That’s usually a sign of a strong bullish momentum in the market.
In a bull market, such as the one currently trending in the Gnosis (GNO) market, any dips are usually bought up quickly, leading to even higher highs. In the Gnosis hourly charts, we see a dip forming that is likely to be supported at around 0.01197539 BTC. That’s the 21- day moving average price level. This is likely to be bought up, further pushing up the price higher than the current high of 0.01258141 BTC.
A quick look at the trading volumes validates this analogy. That’s because the volumes are currently declining, indicating some level of profit taking, after several hours of a sustained bullish run. Once the profit taking is over, we are likely to see a continuation of the up-trend.
However, the upside seems capped at the 0.01436603 BTC price level. That’s at around the 100 – day moving average on the daily charts. If the price breaks above this price level the uptrend could sustain for the next few weeks. However, if it fails to break above it, then price might range or reverse. That would be an indicator to exit the market and wait for the next Bull Run, or to go short in the short-run.
Given that Gnosis (GNO) is about to correct on the hourly chart, it makes sense for a short-term investor to wait it out, and buy the dip. This will give you a low-risk entry since you will be entering the market on a key support level, on the 21 – day moving average. As for the exit, let the 100 – day moving average on the daily chart guide you. If the price hits the 100 – day moving average and volumes start declining, it will be a signal to sell. The 100 – day moving average is always a strong support or resistance point, and if price lags around it, it is usually an indication of an impending price reversal. But that is unlikely to happen if the current bullish momentum in the crypto market continues.