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GRAM broke out of a multi-month downtrend, reaching a three-month high of $1.63 before easing to around $1.58. Spot volume rose 130% to $215 million, while open interest and derivatives trading increased sharply. The anticipated rollout of self-custodial wallets to more than one billion users and growing speculation about ecosystem expansion have strengthened expectations for the token. Technical indicators suggest bullish momentum, with potential resistance near $1.60 and a possible target of $1.80.
In a major trend reversal, Gram broke out of a multi-month downtrend. In doing so, the altcoin flipped $1.60 and climbed to a three-month high of $1.63 before retracing.
At press time, GRAM was trading around $1.58, up 10% on the daily charts. At the same time, the Spot volume surged 130% to $215 million.
Moreover, the altcoin’s daily turnover also rose to July levels, hiking to $71 million, suggesting strong buying pressure in the market.noted that the much-anticipated rollout of self-custodial wallets to over one billion users will be complete in the coming weeks. Bringing the wallet to such a user base is expected to create a long-term boost for the token. FurthermoreAccording to CoinGlass data, the altcoin’s Open interest rose 17% to $188.6 million as of writing.
Over the same period, derivatives volume rose 199% to $186 million. The jump in both OI and volume indicated higher participation as traders opened new positions.
Meanwhile, GRAM’s Long Short Ratio jumped to a high of 3.4 among Binance’s top traders. On both OKX and Binance, the ratio held above two, with the overall ratio sitting around 1.028. The community speculation over the GRAM ecosystem’s anticipated expansion brought about higher speculative activity, resulting in more gains. At the time of writing, the Aroon Up line was nearly 100%.
Likewise, the MACD has also held on an upward trajectory, further confirming this uptrend. Under these market conditions, GRAM is well positioned to reclaim $1.60 and target $1.80, where the trend reversed in July. GRAM broke out of a downtrend and surged 10%, to a three-month high of $1.62. AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers.
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