GNO Technical Analysis Feb 6

GNO is positioned in a critical squeeze zone at $107; while the short-term downtrend continues, RSI at low levels like 34.52 makes both scenarios possible. Bitcoin’s weak performance is pressuring altcoins, but reactions from local supports keep the upside potential alive.

Current Market Situation

GNO’s current price is at $107.03 and showed a %1.84 decline in the last 24 hours. The price range was between $93.23 – $118.80, and trading volume remained low at $901,737. The overall trend is downward; price is trading below EMA20 ($123.76) and the Supertrend indicator is giving a bearish signal, with resistance positioned at $128.70. RSI at 34.52 is near oversold territory, MACD histogram is negative and showing bearish momentum. In multi-timeframe (MTF) analysis, a total of 15 strong levels were identified across 1D, 3D, and 1W timeframes: supports with 1D(2S), 3D(2S), 1W(2S); resistances with 1D(3R), 3D(3R), 1W(4R) weight. Critical supports $101.4973 (score 69/100) and $93.2300 (69/100); resistances $115.4000 (78/100), $108.7493 (74/100), and $137.9791 (67/100). There has been no significant news flow specific to GNO in the market recently, general altcoin pressure dominates.

Scenario 1: Bullish Scenario

How Does This Scenario Unfold?

For the bullish scenario, a clear break and close above the $108.7493 resistance is required first. Once this level is surpassed, momentum toward $115.4000 can be gained; volume increase and positive divergence in RSI provide confirmation. With Supertrend ($128.70) turning bullish, passing EMA20 ($123.76) confirms the short-term trend change. Stabilization or upward movement in BTC can trigger an altcoin rally. In this scenario, the invalidation criterion is a break below $101.4973 support; in that case, the upside probability weakens.

Target Levels

First target $115.4000, then $128.70 (Supertrend resistance) and $137.9791 should be monitored. With strong momentum, $165.7500 (score 28/100) becomes the main target. Setting take-profit points at these levels optimizes the risk/reward ratio. Fibonacci extension levels and MTF resistances (1W timeframe) support these targets.

Scenario 2: Bearish Scenario

Risk Factors

The bearish scenario is triggered by a close below $101.4973 support; when this level breaks, a new bearish crossover in MACD and volume increase provide confirmation. RSI dropping below 30 strengthens selling pressure, and distance from EMA20 continues. BTC testing or breaking below $62,910 support accelerates chain reaction sales in GNO. Scenario invalidation occurs with a sustained close above $108.7493; in that case, bearish momentum is lost.

Protection Levels

First protection $101.4973, and upon breakout $93.2300 is the critical support. If this level is violated, $48.4126 (score 20/100) becomes the main bearish target. MTF supports (1D/3D) confirm this downside; stop-losses are placed below $101.4973 to manage risk. Watch for fake breakouts in low-volume tests.

Which Scenario to Watch?

The decision point is between $108.7493 resistance and $101.4973 support; 4-hour candle closes are critical. For bullish, watch for volume increase + RSI >40; for bearish, volume surge + RSI <30. MACD histogram expansion and Supertrend signal are direction-determining. Cross-verify with daily pivot points and data from GNO Spot Analysis and GNO Futures Analysis pages. Stick to early invalidation levels in both scenarios.

Bitcoin Correlation

BTC at $65,948 with a %6.55 decline is in a downtrend; Supertrend bearish and rising dominance is pressuring altcoins (including GNO). If BTC holds $62,910 support, local recovery in GNO is possible, but a break below $60,000 forces GNO to $93 support. BTC resistances $65,881 and $71,041; an upside break supports GNO’s bullish scenario. Altcoin BTC correlation is high (%0.85+), so prioritize BTC movements.

Conclusion and Monitoring Notes

Both scenarios are valid for GNO; traders should adjust positions by monitoring trigger levels ($108.7493R / $101.4973S). Daily volume, RSI divergence, and BTC price action are key monitoring points. This analysis is a tool to understand market dynamics; apply your own risk management. For detailed charts, visit GNO spot and futures pages. The market is volatile; be patient and wait for confirmation.