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Gnosis Price Spikes More Than 10% But Struggles At $307 — Is GNO Heading To All-Time High?

Last Updated May 20, 2024 2:38 PM
Nikola Lazic
Last Updated May 20, 2024 2:38 PM
By Nikola Lazic
Verified by Peter Henn

Key Takeaways

  • A recent spike signals potential new bull phase for Gnosis.
  • Whales are driving significant price movements.
  • However, resistance at $396 could limit further gains for GNO.

The price of Gnosis went from a daily low of $292 to a high of $327 on May 20. However, this was a quick spike, as shortly falling below $310. This came as a continuation of an uptrend which started on May 17, when it fell to a low of $264. Since then, it has risen by more than 20%. 

Gnosis’s all-time high, reached in November 2021, was nearly $600. Its recent high was around $445 and, although the price has formed a descending channel since then, the current rise could signal the start of a new bull phase that will bring the price above $600. 

Gnosis On-Chain Data 

Investors’ profitability  graph shows that 78.11% addresses – 14.920 – are “in the money” at the current price of $311. That means a combined number of 20.89% are not profitable, of which half are at the breakeven point. 

Gnosis on-chain data
In/Out of Money | Source: IntoTheBlock

There is a significant cluster of 2,150 addresses with a volume of 324,900 GNO at the maximum price of $396. This, in turn, could serve as the resistance level. 

The number of large transactions  has skyrocketed, from a low of just 1 txs on May 16 to a high of 64 txs on May 20. This is the highest since March 2022, indicating strong investors’ interest in this token. 

Gnosis on-chain data
Large Transaction | Source: IntoTheBlock

Transactions with $100,000 transferred on-chain are considered large transactions. Therefore, it looks like whales are stepping in and actively leading this price rise. 

GNO Price Analysis 

On March 11, GNO peaked at $445, its highest price since April 2022. We saw a downturn forming a descending channel to a low of $264 on May 16. This low could have marked the completion of its corrective stage as a parabolic runup of 23% followed it, measured to May 20’s high of $326. 

4h chart
GNOUSD | Credit: Nikola Lazic/Tradingview


Since the price increase stopped at the descending resistance, there is an equal chance it is headed off another lower low before the correction ends. In that case, we could see GNO falling to $250, which would be its third interaction with the descending support. 

Either way, once GNO finishes this descending channel, a breakout to the upside would the start of a new bull phase. It could exceed its yearly high of $445. However, if it did that, its all-time high would be just 35% away. 

We have yet to see whether it can get past $600, but there is a strong chance it will climb over $500 on the next upturn. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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