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The Gorilla price jumped 40% in the last 24 hours to trade at $0.01247 as of 4.30 a.m. EST on trading volume that skyrocketed 418% to $6.77 million.
In the past seven days, the token surged by over 175%, although its weekly chart shows that it had encountered a powerful resistance at $0.014 that has prevented its continued increase several times already. Earlier today, GORILLA made another move to breach it, without success.
The token’s new rally comes amid a broader crypto market rally led by Bitcoin in the past two weeks.
Gorilla Price Prognosis
Gorilla’s price surged to the resistance at $0.014 for the third time in the past week, but just like last two times — both of which were on March 5 — the token’s price got rejected. Previously, the price rejection took GORILLA down to $0.008, but this time, the project is managing to remain above $0.012.
Given the fact that the token’s surge was caused by the broader altcoin rally, the reasons for the price increase were fundamental in nature. However, now that the hype appears to be weakening, many in the crypto sector are turning to technical indicators in order to understand what might happen next.
One such indicator, the token’s Bollinger bands, show strong widening in the past several hours, which has continued even after GORILLA hit the resistance at $0.014. This is a positive, bullish sign. However, it stands against the token’s Relative Strength Index (RSI) score, which clearly ventured deeply into the overbought zone, hitting the value of 84.74 before dropping to the current 55.31.
This suggests that traders have moved in to take profit after GORILLA hit the resistance, which in turn means that they did not expect the resistance to be breached.
However, given the fact that the price has still found a support at $0.012 instead of rapidly dropping to $0.010 or deeper, the bulls seem to still be strong enough to keep GORILLA’s value relatively high up.
With that said, conflicting technical indicators suggest significant uncertainty and conflict between the bulls and the bears, so strong volatility is expected.
Depending on which group takes the lead, the token’s price could go up or further down. If traders move in to buy the dip, Gorilla’s price could return to the resistance at $0.014, and possibly even breach it.
However, if they do not, the price could potentially sink to $0.010 or 0.008 once again, as it did earlier this week.
Promising Alternatives to Gorilla
While Gorilla is one of the best-performing meme coins, many investors in the sector are constantly looking for new opportunities.
One such token that has recently captured attention of the meme coin community is Peen (PEEN) — the self-proclaimed “stiffest” meme coin in crypto, which invites the community to “pump it hard” and “keep it erect.” It’s being likened to Shiba Inu in launching as a small market cap with the potential to turn into a market cap monster.
The project claims that it and its token represent the largest meme coin eruption in 2024. In its whitepaper — or rather, ”peenpaper” — the project says that this is not just any token, but a movement, a statement and that its purpose is to just be hilarious.
The project relies on simple humor that exists in everyone — the “uncontrollable urge of your inner child to sketch out phallic masterpieces and not get caught.”
The project has taken a simple, yet interesting cartoon approach where it “unapologetically pulls strength from everyone’s inner teenager.” But the universal humor that accompanies it also places it in a perfect position to pump. And that it is doing with a 30% surge in the past 24 hours.
🔥 $PEEN IS NOW LIVE ON DEX’s!!!! 🔥
Time to get in on the action. This is just the tip. 🍆
Token contract : https://t.co/5Qxww8ULkD
Pair is live on @Uniswap 👉 https://t.co/mCKOUGiDyg
Trade on @dexscreener 👉https://t.co/QPUxkLuWhL#PeenToken #MemeCoin #1000xGem #BullMarket pic.twitter.com/u3TUx7Qprq
— PEENTOKEN (@PEENTOKEN) March 5, 2024
Visit PEEN here.
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