Gnosis ($GNO) on Tuesday topped the list of top gainers after rising over 7% in the trading time, according to data from CoinMarketCap. The rise in the price movement raised speculations in the market about the token’s upcoming performance, and whether or not it will cross its essential milestone of $500 in the upcoming trading week.
$GNO Rises After Previous Choppy Session
$GNO price skid on Monday after experiencing a choppy trading session. However, with day trading picking up on Tuesday, the price for the Ethereum-based project also rose, hitting nearly $357.61 in early trade. At the press time, the coin trades up 5.2% at $344.72.
Founded in 2015, the price for $GNO rose from a level near $320 and continued to grow steadily until it began to oscillate around $350. The huge volume indicates great interest in trading the coin, and the price fluctuation confirms this. Now that the $350 level has emerged as a new psychological and technical resistance level, it might either experience more consolidation or, should traders decide to book profits, face selling pressure.
Previously, in a calculated attempt to bring market value into line with intrinsic book value, Thanefield Capital had suggested a $30 million token repurchase to the Gnosis DAO. This project aimed to reallocate the price of Gnosis ($GNO), which Thanefield claims is presently undervalued considering its $730 million worth of assets. The move saw a steady upward rise for the coin for most following trading days.
However, with the overall crypto market facing a caution in trading due to the US CPI data, $GNO also faced the wrath of the dampened sentiments, keeping the trading pressured. Despite that, the coin has seen six green trading days in the past week, as per CoinMarketCap data.
Will $GNO Hit $500 In Coming Weeks?
With the current bullish trajectory, market participants have started speculating if $GNO will hit the $500 mark in the future. At present, based on technical analysis of Gnosis prices, it is anticipated that in 2024, the lowest possible price will be $419.26. On the upside of the trading pattern, the price of $GNO has the potential to hit its maximum level of $491.65.
Buyers of the token are trying to break out of a falling channel with a resistance trendline, indicating that the Gnosis token is about to surge in value. The price of GNO may cross the psychological $500 barrier if the uptrend picks up steam and leads to a robust rally.
