The launch of the GRASS token was marred by technical issues, but the price action remained bullish. This suggested that the altcoin will...
Of the total supply of 1 billion GRASS, 10% was allocated to contributors and early supporters, but it was marred by. Will these setbacks dampen the bullishness behind the token, or will the project prove that it is ready for the market?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.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.
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.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto.
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