Why GRASS Crypto Price Could Continue Decline After 23% Fall
The post Why GRASS Crypto Price Could Continue Decline After 23% Fall appeared on BitcoinEthereumNews.com.
In the early hours of November 2, Grass (GRASS) crypto price appeared on track to reach the $2 mark. However, a 23.34% drop over the past 24 hours has halted its impressive week-long rally, pulling the price down to $1.35. This analysis suggests that GRASS’ crypto price could fall even further from this level. Here’s why. Grass Bears Take Bulls Out of the Way Grass, a layer-2 Decentralized Physical Infrastructure Networks (DePIN) project on Solana, launched its native token on October 28. Within just a few days, the altcoin’s value surged by 100%, even with tokens distributed to users through its airdrop. However, that impressive increase has now dwindled to 67% over the past week. Analyzing the daily chart, we see that the Bull Bear Power (BBP) has fallen into negative territory. The BBP measures the strength of buyers (bulls) relative to sellers (bears). When the BBP is in the green, it signifies bullish dominance, often leading to price increases. In this instance, the decline in GRASS’s crypto price coincides with a significant drop in the BBP reading, suggesting that bears are currently in control. Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)? Grass Bull Bear Power. Source: TradingView Like the BBP, the Accumulation/Distribution (A/D) line reinforces the bias that bears might continue to drag the Grass crypto price down. The A/D assesses an asset’s supply and demand by examining where the price closes within a given period’s range and then multiplying that closing position by the volume. When the indicator’s reading rises, the demand increases. But in this case, the indicator’s rating has decreased to the negative region, suggesting that distribution outweighs accumulation, and therefore, the GRASS value could continue to go down. Grass Accumulation/Distribution. Source: TradingView GRASS Price Prediction: Further Decrease Ahead A further look at the 1-hour chart…
Filed under: News - @ November 3, 2024 12:27 pm