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The meme token project Gorilla has been getting attention lately as its token price surged by a whopping 261% from January 29 to February 11, reaching a high of around $0.007404.Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Cryptos-Headlines-Token-Airdrop-Is-Live-Claim-Your-Reward-Now-1.png?fit&#61;900%2C200&amp;ssl&#61;1" /><blockquote>This significant increase in Gorilla Token’s price is believed to be linked to the introduction of new features such as the IDO Launchpad and improvements in cross-chain trading. The launchpad’s policy of no upfront fees and the inclusion of stop/loss functions have made trading more attractive for users.</blockquote><h3 id="price-resistance-and-potential-support-levels-for-gorilla-token">Price Resistance and Potential Support Levels for Gorilla Token</h3>The Gorilla token project has garnered attention not only for its price rally but also for its commitment to environmental conservation, appealing to investors interested in sustainable and ethical investments.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines005-13.png?resize&#61;640%2C322&amp;ssl&#61;1" />GORILLAUSDT daily price chart with RSI. Source: <a href="https://www.tradingview.com/symbols/GORILLAUSDT/?exchange&#61;MEXC" rel="noopener noreferrer nofollow">Tradingview.com</a>Looking at the 4-hour (4H) chart, the price rally of the Gorilla token faces resistance around $0.00824, a level that has limited its upward movements since late December. However, breaking through this resistance could propel the GORILLA price towards the next resistance near $0.0098 before a potential pullback.On the flip side, if the rally falters, the GORILLA price may find support around the 50-4H EMA (purple wave) near $0.00605. A breach of this immediate support level could lead to a drop towards the 200-4H EMA (green wave) support near $0.0049. The Relative Strength Index (RSI) for GORILLA remains neutral, with a score of 58.87 on the 4H chart.<h3 id="technical-analysis-of-gorilla-token-price-movement">Technical Analysis of Gorilla Token Price Movement</h3>On the 4-hour (4H) chart, Gorilla token’s price rally is encountering resistance around the $0.00824 mark, a level that has constrained the token’s upward momentum since late December. However, a breakthrough above this resistance could pave the way for the GORILLA price to climb towards the next resistance level at approximately $0.0098 before potentially retracing.Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Blue-Modern-Profile-Twitter-Header.png?fit&#61;1500%2C500&amp;ssl&#61;1" />Alternatively, if the rally fails to sustain momentum, the GORILLA price might find support around the 50-4H Exponential Moving Average (EMA) (represented by the purple wave) near $0.00605. A breach of this immediate support level could signal a further decline, potentially leading the Gorilla token price down to the 200-4H EMA (represented by the green wave) support near $0.0049.<a href="https://cryptosheadlines.com/cryptocurrency-price-prediction-eth-bonk-rune/" rel="noopener noreferrer nofollow">Also Read: Cryptocurrency Price Prediction: ETH- BONK- RUNE</a>Despite these movements, the Relative Strength Index (RSI) for GORILLA remains neutral, with a score of 58.87 on the 4H chart.<h3 id="bearish-wedge-pattern-and-price-target-for-gorilla-token">Bearish Wedge Pattern and Price Target for Gorilla Token</h3>The bearish wedge pattern emerges when an asset’s price consolidates within upward-sloping support and converging resistance lines, resembling a wedge shape. Typically, declining trading volumes accompany a breakdown below this pattern.If the Gorilla token price breaks below the bearish wedge pattern, it could indicate a potential decline to the theoretical price target of $0.00304. This target is determined by measuring the height of the back of the wedge. Should this scenario unfold, it would represent a significant drop of over 58% from the token’s current levels.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines006-2.webp?resize&#61;640%2C360&amp;ssl&#61;1" />GORILLA price formed a bearish pattern with a 58% downside target.<h3 id="gorilla-token-distribution-balancing-stability-and-risks">Gorilla Token Distribution: Balancing Stability and Risks</h3>The Gorilla Project aims to carve its niche in the crypto ecosystem by integrating blockchain functionality with community-driven initiatives. Central to this ecosystem is the Gorilla Token, which ensures liquidity by occupying 70% of the token distribution, thereby promoting market stability.To enhance the token’s scarcity and potential value, a deliberate 10% of the tokens are earmarked for burning. The remaining allocation is diversified among marketing efforts, exchange reserves, staking rewards, and a treasury, reflecting a comprehensive strategy aimed at nurturing growth and ensuring a stable financial future for the token.However, while this distribution strategy fosters stability, it also poses risks. A significant portion of the tokens is controlled by a select group of holders, which could trigger a market correction if these stakeholders decide to liquidate their holdings.<a href="https://cryptosheadlines.com/sui-bittensor-and-celestia-lead-with-increasing-bitcoin-price-ratios/" rel="noopener noreferrer nofollow">Also Read: Sui- Bittensor and Celestia Lead with Increasing Bitcoin Price Ratios</a>Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Gorilla Token’s 261% Bull Run and Price Correction Risks

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