GRASS Token Fails To Break $2 Level – Is It Time To Buy?
04 Novembre 2024 - 1:00AM
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GRASS token, one of the latest DePIN projects, attracts significant
attention from analysts and the investing public. As a Layer-2
platform on the Solana blockchain, the Grass platform allows users
to share unused internet bandwidth to train AI models using a
browser extension. With its promising technology, it’s no surprise
that its token launch and airdrop last October 28th was highly
anticipated. Related Reading: Bitcoin Breaks $73,000, Yet Google
Searches Stay Stagnant—Is Hype Fading? While the airdrop was marred
by a few issues, including a three-hour outage, the token’s price
rally succeeded. Last October 29th, the token peaked at October
29th, then made a massive rally from October 31st until November
2nd, breaching the $1.50 level. After hitting a high of $1.9175 on
November 2nd, it has slowed down, settled below the $1.75 level,
and now trades at the $1.45 level. GRASS has rejected the $2 price,
with analysts seeing a deeper pullback—so, is this the right time
to buy? A Rough Start For GRASS Trading for GRASS started on
October 28th, but a few issues delayed the token’s airdrop and
launch. The team recorded technical issues, including users being
prevented from accessing their tokens on their Phantom wallets.
Also, the rush to claim the tokens was marred by the three-hour
power interruption. Furthermore, some users reported flagged
transactions, and many were disqualified from the airdrop. WTF is
this @getgrass_io @grassfdn I’m using it since Epoch 1 and after 10
months of using, it is saying that your wallet is not eligible??
Really?#grassairdrop #grassfoundation #grassSCAM
pic.twitter.com/wt7BWPBI1R — Phantom Soul (@PhantomSoulll) October
28, 2024 A total of 1 billion GRASS tokens were circulated, and 10%
were given to early supporters and contributors. It’s still too
early to see the full extent of these issues’ effect on GRASS, but
the token started well price-wise. Token Tries To Breach $2 It’s
challenging to make sense of GRASS’s price action since it only
launched a few days ago. However, analysts see a bullish trend on
the chart’s lower timeframes. The token boasts above-average volume
in the last 24 hours. Also, the token’s on-balance volume and price
increased starting October 30th. In short, there was buying
pressure for the token, suggesting that price gains may happen
soon. However, GRASS rejected $2, making it the token’s short-term
psychological resistance. Analysts said the price could dip to
$1.75 since the RSI reflects a bearish divergence. Related Reading:
Will Bitcoin Hit $176K? Anthony Scaramucci Lays Out His High-Stakes
Forecast Other Analysts See A Deeper Dive For GRASS Based on the
technical charts, the analysts found two notable liquidity pools at
prices of $1.56 and $1.96. The current price is currently closer to
the liquidity pool at $1.56, with the token appearing to reject the
$1.96 level. Since there’s a bearish momentum and a liquidity pool
at $1.56, traders and holders can expect a price dip below $1,75.
Swing traders and new buyers who want to enter a position can wait
for the token’s retesting of $1.56 or even $1.4. Featured image
from Pexels, chart from TradingView
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