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.
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 GRASS has rejected the $2 price, with analysts seeing a deeper pullback—so, is this the right time to buy?
GRASS price up in the last seven days. Source: CoinMarketCap
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 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 I’m using it since Epoch 1 and after 10 months of using, it is saying that your wallet is not eligible?? Really?
— Phantom Soul (@PhantomSoulll)
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.
Total crypto market cap currently at $2.2 trillion. Chart:
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.
Source:
Based on the technical charts, the analysts found two notable 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
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
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Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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