The $GRASS price has surged 34% in the last 24 hours to trade at $1.09 as of 7:25 a.m. EST on trading volume that pumped 8% to $173 million.
The GRASS price jump came after the token faced several technical issues with its airdrop, which had earlier caused a steep slump.
Despite the initial setbacks, which affected many users and raised concerns about the project’s stability, the token has since regained momentum as investors seem to be optimistic about the project’s future potential.
Grass Price Poised For A Breakout Above The Resistance level
The GRASS/USD 30-minute chart highlights a clear pattern with key support and resistance levels, backed by the 50-period Simple Moving Average (SMA), MACD, and RSI indicators.
Around $0.90, a strong support level has formed, tested multiple times, and created a double bottom pattern. This setup often signals a potential shift from bearish to bullish momentum, which we see reflected in the recent price bounce. On the upper side, there’s resistance at about $1.10, where the price has hit a ceiling and struggled to break through, showing significant selling pressure at this level.
The 50 SMA, sitting around $0.94, aligns with a mildly bullish trend, as the price remains slightly above it. This moving average could act as a support level if the price dips, possibly helping to sustain upward movement.
Grass Price Bullish Technicals Indicate Mixed Signals
The MACD indicator suggests mild bullish momentum, with the MACD line positioned just above the signal line, though the small histogram bars indicate that the trend isn’t particularly strong. This setup may not be enough to break the resistance without stronger buying volume.
The RSI, currently at 57.47, falls within a neutral-to-bullish zone, indicating moderate buying interest for the Grass price. This reading leaves some room for further upward movement before reaching overbought levels (above 70).
If the price breaks past the $1.10 resistance level, it could confirm a stronger uptrend, possibly targeting the $1.20 range. However, if it fails to push higher and drops below the 50 SMA at $0.94, a retest of the $0.90 support level is possible.
Conversely, if neither buyers nor sellers take control, the price may consolidate within the $0.90 to $1.10 range. Overall, the chart shows cautious bullish sentiment, with a breakout above $1.10 needed to confirm a more decisive upward trend.
