The Gnosis (GNO) token has lost 22.5% in the past year.
While some predict that GNO has hit the bottom, it has dropped by 2.5% in the past seven days.
As Gnosis drops, a new decentralized prediction market token called CHANCER is gaining traction.
The decentralized prediction markets have been an industry that has seen some tremendous growth in the recent following the increasing decentralized betting platforms. Gnosis was among the first decentralized prediction market to be developed on Ethereum blockchain and it cleared the way for many more such platforms.
Despite the Gnosis platform being famous, its native token has witnessed a long bear market that has lasted for about a year now. On the contrary, the tokens of other decentralized market platforms like Augur (REP) and Stox (STX) have enjoyed rapid price surges in the past week.
Gnosis (GNO) price prediction
Gnosis (GNO) technical analysis shows that its continuous bearish trend has been accompanied by significant price volatility. However, it currently has a sideways trend signalling a possible short-term price rise in the near future.
The GNO price has continuously traded within the range of $95 to $124 in the last three months.
Gnosis price chart. Source: Coingecko terminal
It recently bounced back downwards after hitting the resistance at $124.19 and it is fast approaching the pivot point level at $113.11. If it goes below the pivot point, it could drop towards the next support level at $107 or further down to $96.
Does Chancer offer a better investment opportunity?
Chancer is a cutting-edge Web3 peer-to-peer (P2P) custom betting platform that features live streaming. It emphasizes transparency among the many betting platforms available worldwide.
The goal of the Chancer platform is to give users the ability to create and customize P2P betting markets in real time based on their interests, knowledge, and social media connections.
Through a decentralized platform, Chancer enables users to create their own unique P2P betting markets without being restricted by what bookmakers offer and their odds.
Chancer is an intriguing project because it allows for wagering on events other than sports or popular ones. Users of Chancer can wager on virtually anything in addition to sporting events like football games, such as the day that a person will set foot on Mars, as well as make private bets with their friends to see if they can complete a task with predetermined requirements.
The CHANCER token will power the ecosystem and the success of the Chancer platform and the markets it supports may depend heavily on token holders. Holders can create markets with the tokens, which also gives them the chance to invest in markets established by other users. If interested, you can purchase the CHANCER token here.
Investors are flocking to the new Chancer decentralized prediction markets project, as Gnosis (GNO) token, which has long been a leader among the decentralized prediction markets tokens, struggles with a long bear market.
Just like Gnosis, Chancer offers a decentralized prediction market allowing users to create markets where they can speculate on any event or arbitrary outcome.
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