Join Our Telegram channel to stay up to date on breaking news coverage
The Gorilla price plummeted over 9% in the past 24 hours to trade at $0.003381 as of 12:00 a.m. EST.
This drop in the GORILLA price comes amid a market wide selloff with the capitalization of the crypto market plunging more than 3% to $2.18 trillion.
The Gorilla Price Testing A Key Support
4-hour chart for GORILLA/USD (Source: GeckoTerminal)
The Gorilla price is testing the key support level at $0.003380. Should it break below this key price point, it could be at risk of falling to the next crucial mark at $0.003102 in the following 24 hours.
However, GORILLA closing the next two 4-hour candles above $0.003380 might invalidate the bearish thesis. In this alternative scenario, the meme coin could start to climb. Traders might also see the Gorilla price’s current levels as a long opportunity should it keep the $0.003380 support.
With this potential buy volume, the meme coin could have the backing needed to rise to the next major resistance level at $0.003982. An extremely bullish scenario might lead to the Gorilla price overcoming this threshold as well, which could result in it soaring to as high as $0.004723 in the short term.
Technicals Warn The Gorilla Price Is Still At Risk Of Falling
Technical indicators on GORILLA’s 4-hour chart warn the crypto’s price might continue to drop in the next few hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show that bears have taken control of the Gorilla price.
Over the past 12 hours, the MACD line crossed below the MACD Signal line. Traders usually see this technical occurrence as a sign that a crypto has entered a negative cycle. What’s more, the gap between the two technical indicators is growing as well. This could indicate that GORILLA’s bearish momentum is intensifying.
The RSI supports the idea that bears are growing stronger against their bullish counterparts. RSI readings have declined from above 70 to below 40 throughout the past day of trading. This drastic drop in value signals that GORILLA has lost its bullish strength.
Sellers also recently gained the upper hand against buyers on GORILLA’s 4-hour chart, as evident by the RSI value that has fallen below the crucial 50 benchmark. Should bears choose to capitalize on this advantage, it will be easier for them to pull the Gorilla price down in the next 24 hours.
As GORILLA tries to fend off an attack by sellers, investors are rushing to buy PlayDoge (PLAY) during its ongoing presale.
Combining The Love For Dogecoin With The Booming Gaming Sector
PlayDoge (PLAY) is a play-to-earn project that aims to expand the established Dogecoin brand into the booming gaming sector. To achieve this, the project is bringing back a 90s classic, the viral Tamagotchi game that sold millions of units worldwide.
Although the virtual pets were a hit initially, the limited gameplay and user experience eventually led to players shifting focus to more engaging games. PlayDoge, with its implementation of blockchain and crypto technology, aims to revamp the game into an experience fit for the 21st century.
By taking care of their digital companions, players will be able to earn rewards in PLAY. This means that players stand to earn crypto for simply ensuring their pets get enough love, food and sleep.
The game will also offer support for smartphones, which allows players to interact with their pets on the move and potentially opens up the possibility for them to earn more rewards.
This ability to earn crypto, as well as PlayDoge’s combination of the established DOGE brand and the booming gaming sector, is why renowned crypto YouTuber Jacob Bury is bullish on the project.
In a recent analysis of the meme coin, he told his 41.2k subscribers that PLAY could be the next 10X opportunity to hit the crypto market.
High Passive Rewards For Simply Staking PLAY
Players don’t only have the opportunity to earn PLAY by actively engaging with their virtual animals, because the project is also offering presale buyers a lucrative staking opportunity. Anyone that buys and locks up their PLAY tokens at this early stage will gain access to a 109% annual yield.
Coupled with the 10X potential mentioned by Jacob Bury, these staking rewards could work out to much more in the future. This is likely a key reason why an investor frenzy has developed around PlayDoge, with its ICO already having raised over $5.36 million.
To acquire PLAY, investors can utilize the simple buy widget embedded on the project’s website. The meme coin is currently selling for $0.00515, and can be bought using either BNB, ETH, USDT or bank card. But a price increase is coming in a little over a day, so buy soon if you are interested.
Purchase and stake PLAY tokens here.
Related Articles:
PlayDoge (PLAY) – Newest Launch On BNB Chain
- 2D Virtual Doge Pet
- Play To Earn Meme Coin Fusion
- Staking & In-Game Token Rewards
- SolidProof Audited – playdoge.io
Join Our Telegram channel to stay up to date on breaking news coverage
Credit: Source link
