- Technical issues raised expectations for the launch of GRASS.
- Rejection of $2 could lead to sharp decline
GRASS began trading on October 28, but the token airdrop was hampered by a number of issues. The highly anticipated event encountered technical issues that prevented Phantom wallet users from accessing their tokens.
Rushing to claim GRASS tokens caused Phantom to crash for 3 hours. Some users have also seen their transactions being marked as unsafe. Users were critical online because they did not qualify for the airdrop despite farming.
10% of the total 1 billion GRASS supply was allocated to contributors and early backers, but was marred by issues. Will this setback dampen the optimism behind the token, or will it prove that the project is ready to hit the market?
GRASS is up 132% from recent lows
Source: GRASS/USDT on TradingView
Since the token has only been trading for a few days, price action data is limited. Nonetheless, the bullish intent on the lower period was clear. The token has recorded above-average trading volume over the past 24 hours.
OBV has been trending steadily upward along with the price since October 30th. This highlighted the buying pressure on GRASS and hinted that more gains could come soon.
The token met resistance at the psychological round resistance of $2. A decline to $1.75 may be possible, especially since the RSI has formed a bearish divergence.
Deeper decline possible
Source: Coinglass
There were two liquidity pools around the $1.96 and $1.56 prices. The former appeared to be closer to the price at press time and the latter showed a stronger magnetic zone.
Realistic or not, the market cap of GRASS in BTC terms is:
A bearish momentum divergence and a liquidity pool of $1.56 meant a drop below $1.75 was possible. Traders must be prepared for this possibility.
A retest of $1.56 and $1.4 could present a buying opportunity for swing traders.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.