GNO Technical Analysis: GNO Prices Prepares To Take A Nosedive

GNO coin price action continues the lower low formations with a bearish engulfing candlestick of 16%. Will the downtrend reach $300? Key technical points: The GNO prices plummeted 30% last fortnight. The market value plunged under the 200-day EMA. Finally, the 24-hour trading volume of Gnosis is $19.84 Million, marking a 103% rise. Past Performance of GNO GNO coin price showcased a phenomenal bullish reversal rally starting from the $285 mark to the $478 level, accounting for a 66% growth in two weeks. However, the daily candles at $478 showcased higher price rejection due to increased supply, pushing prices under $500, resulting in long-wick formations. Source-Tradingview GNO Technical Analysis GNO coin prices show the bearish engulfing candlestick breaking under the $350 mark and the 200-day EMA. Hence, the most likely possibility is a downtrend continuation to the $285 mark. The bullish aligned EMAs maintain a sideways trend surviving the bearish fall but might shortly undermine the bullish crossover of the 50 and 100-day EMA by regaining the bearish formation. Moreover, the 200-day EMA collapses and fails to do damage control. RSI Indicator: The RSI slope shows a small spark of recovery after a sharp fall from the overbought territory into the nearly oversold zone. Hence, the indicator projects a boom in selling pressure. MACD Indicator: The MACD and signal lines maintain a bearish trend, with the wavering fast line indica...