Is Gorilla About To Take A Reversal? Recorded 17.81% Upsurge

• GORILLA price increased 17.81% during the weekly trading session.
• The crypto price has given a breakout of the $0.0071 key level.
• The market cap has increased by over 13% in the last 24 hours.

Launched on November 9, 2023, Gorilla (GORILLA) creates an opportunity that exceeds traditional meme tokens by combining viral appeal with utilities. It is a meme coin released on the Uniswap decentralized exchange (DEX). 

GORILLA has gained a lot of support from investors in the previous month, which is becoming a driving force in the current month. Let’s find out what’s ahead for memecoin lovers.

Will Gorilla Crypto Price Sustain after Exceeding Consolidation Phase?

After reflecting positive results in December 2024, the Gorilla crypto price has suffered bearish pressure since January 2024. The crypto price faced multiple bearish rejections near the $0.0168 key psychological level. It recorded over 27% adverse returns in April 2024 and entered a sideways trend.

Subsequently, the memecoin price experienced a positive approach from investors in May 2024. This resulted in the end of the consolidation phase with a positive profitability of 50.04% during that month. The aforementioned situation became intriguing for the remaining ones, which the buyers are trying to sustain in the current month.

Supply Changes and Valuation of the Gorilla Token

GORILLA has an uncapped maximum supply, and the total diluted valuation of the memecoin project is assumed to be at $5.82 Million. The project released 850 Million tokens in circulation from 898 Million total supply. Its current market cap stands at $5.5 Million, ranking 1393rd out of 10,034 active cryptocurrencies.

Technical Analysis of Gorilla (GORILLA/USDT)

The short-term outlook lies above the key exponential moving average (EMA) on the bullish side. The price crossed above the 50-day EMA, indicating an uptrend. The 50-day EMA has acted as dynamic support in the last three sessions.

The GORILLA price has overcome the sideways trend by giving a breakout from the $0.0071 upper range. However, the price faced instant rejection from the $0.0086 supply level afterwards. In the last three sessions, the price has formed several bullish candles from the $0.0046 key level, indicating a potential bullish reversal.

Furthermore, the relative strength index (RSI) shows an internal bearish divergence in price momentum. This reflects the selling pressure is increasing in the current market phase. The RSI is moving at 61.92 above the SMA line.

Summary

Gorilla crypto price has entered a sideways trend since mid-April 2024. Recently, the price broke above the upper range of the consolidation phase. It has recorded over 150% bullish rally since mid-May 2024. The buyers are attempting a bullish reversal.

When writing, the immediate resistance for GORILLA was $0.0086, and the $0.0033 level was the next support level. A short-term rise can be seen if the price exceeds the upper resistance level. On the flip side, a downfall may happen if the price closes below the mentioned support level.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.