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GRASS token, one of DePIN’s newest projects, is attracting significant interest from analysts and the investing public. As a Layer-2 platform on the Solana blockchain, the Grass platform allows users to share unused internet bandwidth to train AI models using a browser extension. With its promising technology, it is no surprise that the token launch and airdrop last October 28 was highly anticipated.
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While the airdrop was marred by some issues, including a three-hour power outage, the token price rally was successful. Last October 29, the token peaked on October 29 and then had a massive rally from October 31 to November 2, breaking through the $1.50 level.
After hitting a high of $1.9175 on November 2, it slowed down, settling below the $1.75 level, and is now trading at $1.75. $1.45 level. GRASS rejects $2 as analysts see deeper pullback – is this a good time to buy?
Hard start to the lawn
GRASS began trading on October 28, but some issues delayed the launch and launch of the token. The team scored technical issues, Including preventing users from accessing their tokens in their fake wallets. The rush to claim codes was marred by a three-hour power outage. Furthermore, some users reported flagged transactions, and many were excluded from the airdrop process.
Wtf is this @getgrass_io @grassfdn I have been using it since the first era and after 10 months of use it says your wallet is not eligible?? truly?#grassairdrop #Grass Foundation #grassSCAM pic.twitter.com/wt7BWPBI1R
– Phantom Soul (@PhantomSoulll) October 28, 2024
A total of 1 billion GRASS tokens were distributed, with 10% given to early backers and contributors. It is still too early to see the full extent of the impact these issues will have on GRASS, but the token is off to a good start in terms of price.
The token is trying to break $2
It is difficult to understand the price action of GRASS since its launch just a few days ago. However, analysts see an upward trend on the lower time frames on the chart. The symbol has above average volume over the past 24 hours.
Also, the volume and price of the token increased starting October 30th. In short, there has been buying pressure for the currency, indicating that price gains may occur soon.
However, GRASS rejected $2, making it the short-term psychological resistance for the coin. Analysts said the price could fall to $1.75 as the RSI reflects bearish divergence.
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Other analysts see a dive deeper into the turf
Based on the technical charts, analysts found two highlights Liquidity pools Priced at $1.56 and $1.96. The current price is currently closer to the liquidity pool at $1.56, and the token appears to be rejecting the $1.96 level.
Since there is downward momentum and liquidity pool at $1.56, traders and holders can expect the price to fall below $1.75. Swing traders and new buyers who want to enter a waiting position can retest the token at $1.56 or even $1.4.
Featured image from Pexels, chart from TradingView
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