The meme token project Gorilla has been getting attention lately as its token price surged by a whopping 261% from January 29 to February 11, reaching a high of around $0.007404.
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This significant increase in Gorilla Token’s price is believed to be linked to the introduction of new features such as the IDO Launchpad and improvements in cross-chain trading. The launchpad’s policy of no upfront fees and the inclusion of stop/loss functions have made trading more attractive for users.
Price Resistance and Potential Support Levels for Gorilla Token
The Gorilla token project has garnered attention not only for its price rally but also for its commitment to environmental conservation, appealing to investors interested in sustainable and ethical investments.
GORILLAUSDT daily price chart with RSI. Source: Tradingview.com
Looking at the 4-hour (4H) chart, the price rally of the Gorilla token faces resistance around $0.00824, a level that has limited its upward movements since late December. However, breaking through this resistance could propel the GORILLA price towards the next resistance near $0.0098 before a potential pullback.
On the flip side, if the rally falters, the GORILLA price may find support around the 50-4H EMA (purple wave) near $0.00605. A breach of this immediate support level could lead to a drop towards the 200-4H EMA (green wave) support near $0.0049. The Relative Strength Index (RSI) for GORILLA remains neutral, with a score of 58.87 on the 4H chart.
Technical Analysis of Gorilla Token Price Movement
On the 4-hour (4H) chart, Gorilla token’s price rally is encountering resistance around the $0.00824 mark, a level that has constrained the token’s upward momentum since late December. However, a breakthrough above this resistance could pave the way for the GORILLA price to climb towards the next resistance level at approximately $0.0098 before potentially retracing.
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Alternatively, if the rally fails to sustain momentum, the GORILLA price might find support around the 50-4H Exponential Moving Average (EMA) (represented by the purple wave) near $0.00605. A breach of this immediate support level could signal a further decline, potentially leading the Gorilla token price down to the 200-4H EMA (represented by the green wave) support near $0.0049.
Despite these movements, the Relative Strength Index (RSI) for GORILLA remains neutral, with a score of 58.87 on the 4H chart.
Bearish Wedge Pattern and Price Target for Gorilla Token
The bearish wedge pattern emerges when an asset’s price consolidates within upward-sloping support and converging resistance lines, resembling a wedge shape. Typically, declining trading volumes accompany a breakdown below this pattern.
If the Gorilla token price breaks below the bearish wedge pattern, it could indicate a potential decline to the theoretical price target of $0.00304. This target is determined by measuring the height of the back of the wedge. Should this scenario unfold, it would represent a significant drop of over 58% from the token’s current levels.
GORILLA price formed a bearish pattern with a 58% downside target.
Gorilla Token Distribution: Balancing Stability and Risks
The Gorilla Project aims to carve its niche in the crypto ecosystem by integrating blockchain functionality with community-driven initiatives. Central to this ecosystem is the Gorilla Token, which ensures liquidity by occupying 70% of the token distribution, thereby promoting market stability.
To enhance the token’s scarcity and potential value, a deliberate 10% of the tokens are earmarked for burning. The remaining allocation is diversified among marketing efforts, exchange reserves, staking rewards, and a treasury, reflecting a comprehensive strategy aimed at nurturing growth and ensuring a stable financial future for the token.
However, while this distribution strategy fosters stability, it also poses risks. A significant portion of the tokens is controlled by a select group of holders, which could trigger a market correction if these stakeholders decide to liquidate their holdings.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
