GORILLA rises 40% as experts say this new meme coin could be the next Shiba Inu.

adminMarch 9, 2024

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The price of Gorilla has surged 40% in the past 24 hours, trading at $0.01247 as of 4:30 a.m. ET, with trading volume surging 418% to $6.77 million.

Over the past seven days, the token has surged by more than 175%, but according to the weekly chart, it has faced strong resistance at $0.014, preventing sustained gains several times already. Earlier today GORILLA took another step to breach this, but without success.

The token’s new rally comes amid a broader cryptocurrency market rally over the past two weeks, led by Bitcoin.

Gorilla Price Prediction

Gorilla’s price surged to resistance at $0.014 for the third time in the past week, but like the last two times (both on March 5), the token price declined. Previously, a price rejection caused GORILLA to drop to $0.008, but this time the project is holding above $0.012.

Considering the fact that the token’s surge was fueled by a broad altcoin rally, the reason for the price increase was fundamental in nature. But now that the hype appears to have waned, many in the cryptocurrency sector are turning to technical indicators to understand what will happen next.

One such indicator, the token’s Bollinger Bands, has shown a strong expansion over the past few hours, which continued even after GORILLA reached the resistance of $0.014. This is a positive and optimistic sign. However, this goes against the token’s Relative Strength Index (RSI) score, which has fallen clearly deep into overbought territory and has now fallen to 55.31 after hitting a value of 84.74.

Gorilla Price March 8

This means that traders moved to take profits after GORILLA hit the resistance line, meaning they did not expect the resistance line to be broken.

However, considering the fact that the price did not fall sharply below $0.010 and still found support at $0.012, it appears that the bulls are still strong enough to keep the value of GORILLA relatively high.

That said, conflicting technical indicators suggest significant uncertainty and conflict between bulls and bears, so strong volatility is expected.

Depending on which group takes the lead, the price of the token may go up or down further. If traders move to buy the dip, Gorilla’s price could return to the $0.014 resistance level and even breach it.

But if not, the price is likely to fall back to $0.010 or 0.008 like it did earlier this week.

A promising alternative to gorillas

Gorilla is one of the best-performing meme coins, but many investors in the space are constantly looking for new opportunities.

One token that has recently gained attention in the meme coin community is Peen (PEEN). It’s the self-described “most solid” meme coin in the cryptocurrency world, encouraging the community to “pump hard” and “keep it straight.” It has been compared to a Shiba Inu in that it was launched with a small market cap that has the potential to turn into a market cap monster.

The project claims that this and its tokens represent the largest meme coin eruption of 2024. In the whitepaper, or rather the “Finpaper”, the project says that this is not just a token, but a movement, a statement and its purpose is to: Just to make you laugh.

The project relies on the simple humor that exists in everyone: “the uncontrollable inner urge to sketch phallic masterpieces and avoid getting caught.”

The project took a simple yet exciting comic approach that “unapologetically brings out the inner teen in everyone.” But the universal humor that comes with it also puts this piece in a perfect position to get you pumped. And it has surged 30% in the last 24 hours.

🔥 $PEEN Meet at DEX now!!!! 🔥
It’s time to take action. This is just a tip. 🍆
Token contract: https://t.co/5Qxww8ULkD
The pair is activated @Uniswap 👉 https://t.co/mCKOUGiDyg
Make a deal @dexscreener 👉https://t.co/QPUxkLuWhL#PINToken #memecoin #1000xgems #bull market pic.twitter.com/u3TUx7Qprq
— PEENTOKEN (@PEENTOKEN) March 5, 2024