GRASS entered the market on October 28, encountering several challenges during its airdrop launch. The highly awaited event suffered from technical glitches that hindered Phantom wallet users from claiming their tokens.
The rush to acquire GRASS tokens led to a three-hour outage on Phantom, with some users experiencing flagged transactions. Subsequently, there was an online uproar from users who were excluded from the airdrop despite their engagement in farming activities.
Out of the total GRASS token supply of 1 billion, 10% was designated for contributors and early supporters, but these initiatives faced various issues. Will these setbacks diminish the optimism surrounding the token, or will the project demonstrate its readiness for the market?
GRASS Token Surges by 132% from Recent Lows
Given its short time on the market, there is limited price action data available for GRASS. Nonetheless, there were clear bullish signals evident at lower timeframes, with the token experiencing above-average trading volume in the last 24 hours.
The On-Balance Volume (OBV) has been consistently trending upward since October 30, mirroring the price movement. This trend underscores the buying pressure supporting GRASS and suggests the potential for further price appreciation in the near term.
Although the token encountered resistance at the $2 level, a pullback to $1.75 is plausible, particularly considering the emergence of a bearish divergence in the Relative Strength Index (RSI).
Possibility of a Substantial Pullback
Notably, there were significant liquidity pools at $1.96 and $1.56, with the latter serving as a more robust support level. Given the bearish divergence in momentum and the liquidity concentration at $1.56, investors should brace for a potential dip below $1.75.
A retesting of $1.56 and possibly $1.4 could present an attractive entry point for swing traders seeking to capitalize on market movements.
Disclaimer: The views expressed here do not constitute financial, investment, or trading advice and are solely the writer’s perspective.