The price of GRASS has dropped about 15% in the past 24 hours, after reaching an all-time high just two days ago, indicating a notable reversal in market momentum. Despite the decline, GRASS remains among the top 20 cryptocurrencies on Solana, with a market cap maintained above $700 million.
Technical indicators, including RSI and Ichimoku Cloud, show increasingly bearish signals as selling pressure continues to escalate, bringing key support levels into focus. However, if GRASS can stabilize, it has the potential to challenge the nearest resistance zones and return to an uptrend.
The RSI of GRASS is changing rapidly in just 2 days.
The RSI of GRASS has sharply dropped to 36.6, compared to nearly 70 two days ago when the asset reached a new peak. This sudden decline reflects a significant change in momentum, suggesting that buying pressure has weakened since the recent high.
With an RSI value of 36.6, GRASS is approaching the oversold region, indicating that selling activity has dominated. While this does not necessarily signal an immediate reversal, it underscores the increasing bearish sentiment and the likelihood of continued short-term price adjustments as investors shift to other DePIN coins.
RSI of GRASS | Source: TradingView
The RSI (Relative Strength Index) is a technical tool used to measure the speed and change of price movements, determining whether an asset is in an overbought or oversold state. The RSI ranges from 0 to 100, with values above 70 indicating overbought conditions and the potential for a bullish correction, while values below 30 signal oversold conditions, often a sign of recovery.
With the current RSI at 36.6, GRASS is nearing oversold levels, which may indicate that selling pressure will soon ease. If buyers return to the market, GRASS could stabilize or bounce back in the short term; however, without regaining momentum, the price may continue to decline and test important support levels.
The Ichimoku Cloud of GRASS shows significant bearish signals.
The Ichimoku Cloud chart of GRASS currently shows a bearish setup. The price has sharply declined and is now trading below the main Ichimoku lines. The downward movement reflects increasing selling pressure, as the Tenkan-sen line (blue) crosses below the Kijun-sen line (red), confirming a bearish crossover.
GRASS/USD 4-hour chart | Source: TradingView
To reverse the trend, GRASS needs to surpass the Tenkan-sen and Kijun-sen lines, which are currently acting as resistance levels. Failing to do so, the price may test lower support levels as the bears continue to control the trend.
GRASS Price Prediction: Has the correction ended?
The EMA lines of GRASS indicate an important scenario. The short-term EMA lines are sharply declining and are at risk of crossing below the long-term EMAs. This crossover, often referred to as a 'death cross,' is a strong bearish signal that could accelerate the current correction.
This development will place importance on the support level of $2.77, serving as the main defense line for the price. If this support level is broken, GRASS may face additional selling pressure, with the next major support zone located at $2.41, potentially prolonging the downtrend.
GRASS/USD 4-hour chart | Source: TradingView
Although GRASS has a market capitalization of about $700 million, it currently ranks only 13th among DePIN coins, trailing competitors like The Graph, Airweave, and IOTA.
On the other hand, GRASS price still has a chance to reverse if it can regain bullish momentum and break through the resistance level of $3.08. A successful breakout above this level could restore buyer confidence, allowing the price to rise to $3.52.
If GRASS can exceed both of these resistance levels, the next target will be $3.84, marking the potential continuation of the previous uptrend. This scenario requires strong buying pressure to negate the current bearish signals and re-establish bullish momentum.
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