- Technical issues soured the excitement behind the GRASS launch
- Rejection from $2 could see a sharp pullback
GRASS began trading on 28 October, but many issues hampered the token’s airdrop. The highly anticipated event saw technical issues develop, issues that prevented Phantom wallet users from accessing their tokens.
The rush to claim GRASS tokens saw a three-hour outage on Phantom. Some users also saw transactions flagged as unsafe. Users were critical online after being ineligible for the airdrop, even though they had been farming.
Of the total supply of 1 billion GRASS, 10% was allocated to contributors and early supporters, but it was marred by problems. Will these setbacks dampen the bullishness behind the token, or will the project prove that it is ready for the market?
GRASS gains 132% from recent lows
Source: GRASS/USDT on TradingView
Since the token has been trading for only a few days, the price action data is limited. And yet, the bullish intent was clear on the lower timeframes. The token saw above-average trading volume over the past 24 hours.
The OBV has steadily trended higher since 30 October, alongside the price. This highlighted the buying pressure behind GRASS and implied that more gains might be likely soon.
The token met with resistance at the psychological round number resistance of $2. A pullback to $1.75 might be possible, especially since the RSI formed a bearish divergence.
Chances of a deeper pullback
Source: Coinglass
There were two liquidity pools of note around the price at $1.96 and $1.56. The former appeared to be closer to its press time price, while the latter was a stronger magnetic zone.
Realistic or not, here’s GRASS’ market cap in BTC’s terms
The bearish momentum divergence and the liquidity pool at $1.56 meant that a pullback below $1.75 would be possible. Traders should be prepared for this possibility.
A retest of $1.56 and $1.4 could offer a buying opportunity for swing traders.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
