In 2015, Gnosis was created as a decentralized prediction market on the blockchain. However, the team soon realized that there was a greater need for infrastructure tools to expand the Ethereum ecosystem’s utility. As a result, Gnosis developed products such as Safe, CoW Protocol, Conditional Tokens, Gnosis Auction, and Zodiac to meet these requirements.
The Focus of the GNO Project
The GNO project is focused on using decentralized technology to create innovative solutions on top of Ethereum, and its price performance has increased by 107% since mid-October.
Gnosis has developed several successful products, including the Gnosis Safe, Cow Protocol (formerly Gnosis Protocol and CowSwap), Gnosis Auction, Conditional Tokens for prediction markets, and Zodiac for composable DAOs. These products have been instrumental in building the decentralized infrastructure of the Ethereum ecosystem.
Gnosis is a decentralized project built on Ethereum that creates solutions and prediction markets to provide accurate information. Its price has increased by 107% since mid-October.
GNO is the native token for Gnosis, with a circulating supply of almost 2.5 million GNO coins and a maximum of 3 million GNO coins. Gnosis has experienced fluctuations in value, with a significant drop in value from its peak in November 2021 to $113.37 per GNO coin at press time.
However, over the years, its value has aligned with the market scenarios and demand, with a recorded value of $644.20 from June 2020 to the end of 2021.
Technical Analysis & Prediction of the GNO Coin Price
At press time GNO coin price is resting at the level of $193. The bullish investors seem to have done their job as they have made a surge of over 100% since the start of November. The crypto market is bullish and the uptrend is seen in the GNO coin as well.
The relative strength index (RSI) is coming down after touching the level of 87 which was the overbought level. The moving average has also done a bullish crossover. The 50-day EMA is at the level of $189 while the 150-day EMA is at the level of $151.
The price prediction on the current scenario will be bullish as the current support level is looking strong.
Conclusion
Gnosis is a decentralized prediction market on the blockchain with successful products. GNO is its native token with a circulating supply of almost 2.5 million GNO coins and a maximum of 3 million. The current support level looks strong, making the price prediction bullish.
Technical Levels
- Support Levels: $189 and $146
- Resistance Levels: $245 and $356
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 other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2023/12/27/gnosis-analysis-will-gno-coin-bounce-off-the-current-support/