- The GNO coin price is currently trading at $96.00.
- It is currently sustaining above its major support zone of $91.9.
- The Gnosis chain has increased its TVL from $78 million to $140 Million in 2023.
GNOSIS (GNO) is a decentralized open-source prediction platform that is built on the Ethereum network. It was founded in 2015, it aims to develop a prediction market to provide global accessibility in terms of accurate information. While building a prediction market dashboard, it shows that Gnosis needs to support its infrastructure for its wider adoption.
The reason behind the GNO Coin Inception
The GNO coin was introduced for several reasons:
Lack of Participation: The GNO coin allows its users to participate in the market prediction platform by which they get rewarded a small portion of fees generated by the market. It helps the Gnosis community to grow with healthy and active participants.
For a Secure Chain: The GNO coin is used as a stake validator on the Gnosis network. It helps Gnosis to have a secure network by ensuring the validators have a stake in the chain’s success.
User Privileges: GNO coin allows its users to have the right to vote for the changes in the Gnosis protocol. It helps to develop the Gnosis network in a way that is aligned with the interests of the community.
Overall the GNO coin was introduced in support of the development and active growth of its Gnosis community. The other reason was to raise funds from the sales of GNO coins to improve the Gnosis market prediction platform.
Growth of Gnosis Network
In recent months the Gnosis chain has experienced outstanding growth in its total value locked (TVL) which reached $140 million. At the start of the year, its TVL was around $78 million, which shows the potential and growth of its network in a year. The constant growth of the Gnosis network will surely help it to attract more and more users to its community.
In addition to the above paragraph, Gnosis could also benefit from the sudden surge of interest in the layer 2 solutions. It is considered capable of working successfully on Layer 2 solutions and could contribute to its continuing growth in the upcoming years.
Is It Safe To Invest In GNO Coins?
At present, the Gnosis community is showing significant growth of its community. It is doing everything to attract more and more users by initiating innovative things. The technical analysis of the GNO coin in the Weekly timeframe shows that it is currently sustaining above its crucial level from where a long-term bull run can be seen. However, it will be difficult to answer where its price will be in the upcoming year as the crypto market is very volatile.
Gnosis Price Prediction For 2023
Many crypto experts believe that GNO price can increase by looking its the significant growth of the Gnosis network in 2023. If its network grows like this, the GNO coin price could touch $100 to $105 at the end of 2023.
Gnosis Price Prediction For 2024
At the end of 2024, many analysts say that the GNO coin price can touch the $120 to $125 mark. With a potential growth of more than 30% from the current market price.
Gnosis Price Prediction For 2025
Crypto analysts are expecting the GNO coin price could rise to the $135 to $145 mark at the end of 2025. With a total growth of almost 40%.
GNO Coin Overall Price Movement
The GNO coin price is currently trading at $96. It has gained over 0.76% in the last 24 hours and has been trading with a volume of USD 4,318,363. With an all-time high of $655 and an all-time low of $76.4. Its market capitalization is worth 243,980,640 USD. It has currently deployed 2,589,588 GNO coins in the market and has a maximum supply of 3,000,000 GNO coins.
Price Analysis on Weekly Timeframe
As per the Weekly chart, in the previous time frame, it is visible that after a huge decline in GNO price. It formed a double-bottom pattern which is a bullish pattern. At the start of 2023, it gave the breakout of that pattern and made a 2023-year high of $146.6. After creating its annual high it started to decline and fell to the $91.9 support zone which is also the neckline of the double-bottom pattern.
Currently, the price is sustaining above the neckline of the double-bottom pattern or $91.9 support zone. It can also be seen consolidating in the range of $125 (resistance) to $91.9 (support). The consolidation part which is happening right is considered as a good sign for the further up move in the price.
In the current scenario if the price forms a bullish engulfing candle or any strong bullish candle at the $91.9 support zone. It may rise to its $125 resistance zone. However, for the continuation of the bullish rally, it must close the $125 level then it may rise to its next resistance at the $145 level.
However, if by any chance the price closes below the $91.9 level, it can make it fall to its immediate support at the $81.5 level.
Technical levels
- Resistance Levels: $125 and $145.
- Support Levels: $91.9 and $81.5.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.