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GRASS Consolidates Before Potential Move—$5.47 Target in Sight
GRASS is nearing a breakout from a long-term symmetrical triangle pattern, signaling potential for high volatility.
Key resistance lies at $2.21, with a possible upside target of $5.47 if a breakout is confirmed.
Strong support around $1.87 may provide a cushion in case of price rejection.
The price of GRASS/USDT is showing signs of a potential breakout as it moves toward the upper boundary of a multi-year symmetrical triangle pattern. The market observers have pointed out that the cryptocurrency, which is currently trading at $2.05, might be preparing for a major movement. The GRASS has surged by 9.11% within the last 24 hours, an indication of growing bullish momentum.
Source: CoinMarketCap Triangle Pattern Suggests Impending Volatility
Technical levels on the daily chart indicate GRASS consolidating in a descending triangle since the latter part of 2024. The pattern, with the falling highs and increasing lows, is typically followed by a sharp price action once the break occurs. Market players are eagerly watching as the price neared the vertex of this formation in anticipation of direction confirmation.
https://twitter.com/CryptoFaibik/status/1923982613959545108
Recent price activity suggests the token is approaching key resistance near the $2.21 level. A clean break above this threshold could validate a bullish breakout, potentially triggering a swift upward move. The projected upside target based on the height of the triangle pattern is near $5.47, which represents a gain of approximately 161%.
Market Structure and Support Zones
While bullish sentiment is rising, downside risks remain. Should the breakout attempt fail, the nearest support sits at around $1.87. A drop below this level would invalidate the bullish thesis and may push the token back toward the lower trendline of the triangle, currently near $1.50.
This area of consolidation has been a healthy area of accumulation for the past several months. The token has struck the lower boundary of the triangle consistently, each time bouncing back with growing volume. Such behavior highlights the significance of the level as a zone of support.
GRASS Eyes Breakout from Triangle Pattern
GRASS's recent price movement is unfolding today in the face of broader market uncertainty. Its technical configuration, however, suggests that traders will be seeking a strong move. Whether the breakout occurs or not will probably depend on market volume verification and broader market direction.
For now, GRASS remains at a crossroads. The triangle setup provides a neat technical breakout, but caution is advised to watch price action closely over the next few sessions for confirmation before making further decisions.
Key resistance lies at $2.21, with a possible upside target of $5.47 if a breakout is confirmed.
Strong support around $1.87 may provide a cushion in case of price rejection.
The price of GRASS/USDT is showing signs of a potential breakout as it moves toward the upper boundary of a multi-year symmetrical triangle pattern. The market observers have pointed out that the cryptocurrency, which is currently trading at $2.05, might be preparing for a major movement. The GRASS has surged by 9.11% within the last 24 hours, an indication of growing bullish momentum.
Source: CoinMarketCap Triangle Pattern Suggests Impending Volatility
Technical levels on the daily chart indicate GRASS consolidating in a descending triangle since the latter part of 2024. The pattern, with the falling highs and increasing lows, is typically followed by a sharp price action once the break occurs. Market players are eagerly watching as the price neared the vertex of this formation in anticipation of direction confirmation.
https://twitter.com/CryptoFaibik/status/1923982613959545108
Recent price activity suggests the token is approaching key resistance near the $2.21 level. A clean break above this threshold could validate a bullish breakout, potentially triggering a swift upward move. The projected upside target based on the height of the triangle pattern is near $5.47, which represents a gain of approximately 161%.
Market Structure and Support Zones
While bullish sentiment is rising, downside risks remain. Should the breakout attempt fail, the nearest support sits at around $1.87. A drop below this level would invalidate the bullish thesis and may push the token back toward the lower trendline of the triangle, currently near $1.50.
This area of consolidation has been a healthy area of accumulation for the past several months. The token has struck the lower boundary of the triangle consistently, each time bouncing back with growing volume. Such behavior highlights the significance of the level as a zone of support.
GRASS Eyes Breakout from Triangle Pattern
GRASS's recent price movement is unfolding today in the face of broader market uncertainty. Its technical configuration, however, suggests that traders will be seeking a strong move. Whether the breakout occurs or not will probably depend on market volume verification and broader market direction.
For now, GRASS remains at a crossroads. The triangle setup provides a neat technical breakout, but caution is advised to watch price action closely over the next few sessions for confirmation before making further decisions.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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