In my previous Gridcoin technical analysis from last week, I outlined the significance of the 0.000032 price level and why it is a good candidate for turning into support. Since that last article on the 20th, this former resistance zone has now turned into a double-support area.
Price has also had a hard time surmounting 0.000035. This area first acted as resistance on the 26th of October, and then again on the 20th & 23rd of November. The market is currently trading right at 0.000035, so it is unclear where price goes from here. If price manages to climb to 0.000036, then 0.000035 will most likely turn into support, just like 0.000032.
The buy side of the order-book has also beefed up a little bit. It was about 16.5 BTC last time, now it stands at approximately 21.5 BTC. Unless price slips underneath 0.000032 and stays there for a few days, the current bull market for GRC is likely to continue.
Disclaimer: This is not trading/investment advice! Traderman is an investor in Gridcoin.
Chart source: https://poloniex.com/exchange#btc_grc
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.