Gnosis (GNO) price outlook as Chancer redefines prediction markets

Chancer, which bills itself as the “world’s first decentralised predictive market making platform,” recently launched its token presale.

Within days, the platform has sold over 37 million of its presale distribution amid growing interest in prediction market tokens. Meanwhile, platforms like Gnosis and Augur are trying to bounce back after the long bear market.

Prediction markets expected to grow 

According to data from CoinGecko, the market capitalisation of the crypto prediction markets is just over $419 million. However, the global sports betting industry was valued at over $84 billion in 2022. With both the crypto space and the sports betting industry projected for significant growth, it is no doubt Chancer stands out as a potential game-changer. 

What does Chancer offer that’s unique?

Built on the Binance Smart Chain blockchain, Chancer is offering the betting community a truly decentralised platform where users are in control.

In its bid to become the global destination for everything social betting and predictive markets, Chancer is designed as a P2P platform.  There are no centralised third-party players that may want to continue the traditional approach of sports betting and gambling providers of acting as “the house.” Rather than be the centralised entity that controls markets and odds, Chancer lets every user be their own house.

Experts predict Chancer is disrupting the betting space. While other projects also use of blockchain technology, this platform takes a whole new approach.

For instance, we have smart contracts combine with Google-powered WebRTC to bring real-time social betting to the community. Investors might note that WebRTC changed web communication for platforms such as Zoom, Slack and Microsoft Teams with real-time communication to meetings and chats.

Adding this feature means Chancer can livestream wagers to the global community, making betting a truly social market.

Utility of the $CHANCER token

The CHANCER token will power this decentralised ecosystem, with holders able to create bets on any event. 

CHANCER also allows holders to take part in prediction markets created by other platform users. What’s more attractive is that buying the token now gives one a chance to participate in the project’s governance, – like a shareholder where the value of their investment grows as the ecosystem flourishes.

More information about Chancer can be found on their presale page or in their whitepaper.

What is Gnosis (GNO)?

While it originally launched as a decentralised predictions market, Gnosis now offers a platform for third-party apps offering prediction markets services. Unlike Chancer’s social-driven decentralised betting platform, Gnosis is home to dApps such as Azuro, Omen, and Reality Card that allow users to bet on various events like sports, crypto market prices and politics among others.

GNO is the token that powers the Gnosis ecosystem and is used for staking on the Gnosis Chain and for governance on the GnosisDAO. After launching with a total supply of 10 million GNO, a governance proposal was passed that cut the supply to 3 million.

Gnosis price prediction

Gnosis currently trades around $116, about 2% up on the day and over 9% higher on the weekly chart. GNO price currently hovers above the primary support level of $100, with the immediate buffer zone at $110.

Demand reload at prevailing values means possible upside action to October 2022 highs of $130. Above that is the supply zone around $200, which was reached in August just as the bears took a hold of the market – later helped by the collapse of FTX.

On the downside, the price prediction for Gnosis looks at the potential breakdown to below $100. If negative triggers strengthen in the short term, GNO could fall to support at $93 and possibly $75.

Chancer token price prediction

A Chancer price prediction outlook at this stage can look at the token’s price during presale and potential performance once it lists in the secondary market. As noted, CHANCER is in presale and the token is currently priced at $0.01, the first stage of the token sale.

Per details on their presale page, the token’s value is expected to rise throughout the event to reach $0.021. That means CHANCER’s price is set to increase by more than 100% during this phase.

The tokens will then list on the secondary market, with the roadmap highlighting Uniswap and at least two CEX platforms in Q3, 2023. The tokens will also list on CoinGecko and CoinMarketCap, with these coinciding with anticipated Beta launch.

What could impact Chancer’s price in 2023?

Historically, token launches on major exchanges have seen prices of the respective assets skyrocket. This has also worked with stocks when IPOs go live, often as a result of massive demand from the retail market.  

This outlook will likely be reinforced if the market is on bullrun when CHANCER goes live. The chances of this happening in 2023 are there, given experts believe the crypto market bottom is already in and a new bull cycle is underway.

However, prices may be constrained if the bullish sentiment currently witnessed in the market flips amid a confluence of factors such as regulatory headwinds and broader market meltdown.

The former has two events to watch out for – the outcome of the cases involving the US Securities and Exchange Commission (SEC) and Binance, Coinbase and imminently Ripple Labs. Other conditions that could see markets struggle include the denial of a spot Bitcoin ETF once more.

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