GRASS Token Price Surges 28%: Can the Rally Continue？

• GRASS token surged 28.46% this week, signaling strong bullish momentum ahead.
• Key support at $0.87 and resistance at $1.05 guide potential price movements.
• Despite volume drop, open interest surged 57.85%, indicating trader engagement.

The GRASS token has attracted investor attention with an impressive surge of 28.46% this week. The price has climbed from approximately $0.87 to $1.05, demonstrating significant bullish momentum.

Over the last day alone, the token has jumped 21.35%, indicating strong market interest. As investors analyze the current price trends, many are asking whether this rally can continue in the coming days.

The current support level for GRASS is around $0.87. This point was a recent low before the tokens upward trajectory began. If the price falls, this level will be an essential barrier where buyers may re-enter the market.

In addition, a notable resistance level has formed at approximately $1.05. Here, the price movement seems to be slowing down, suggesting that sellers may be stepping in. A breakout above this resistance could lead to further upward momentum for the token.

Source: Coinmarketcap

If GRASS moves convincingly past the $1.05 mark, the next target will likely be $1.10. This level is significant because it aligns with psychological trading thresholds. However, if the token falls, the $0.95 level may act as strong support, providing support for the ongoing uptrend.

Analyzing Derivatives Data

As per Coinglass data, despite the impressive price increase, the derivatives market has shown mixed signals. Total trading volume has dropped 24.01% to $301.79 million.

However, this decline has happened alongside a notable surge in open interest, which has skyrocketed 57.85% to $43.32 million. This increase suggests that traders are becoming more engaged, making bets on future price movements.

In terms of long/short ratios, Binance‘s GRASS/USDT accounts have a ratio of 1.0247. Meanwhile, OKX’s GRASS ratio is at 0.6. Looking at liquidations reveals interesting trends across different timeframes. Over 24 hours, liquidations have totaled $839.76K. Of this amount, $306.55K has been from long positions, while $533.21K has been from shorts.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.