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.
Bitwise Asset Management has just made its first move into tokenized funds, and it comes…
Binance just made a move that blurs the line between crypto exchange and traditional brokerage…
NEAR Protocol has had a month that most blockchain projects would stretch across an entire…
Something is becoming increasingly clear about Chainlink, the integrations are not slowing down. The protocol…
Blockchain investigator ZachXBT has flagged a major stablecoin freeze that is sending shockwaves through the…
From a primarily interest rate swap niche product, Exponent has developed into an onchain capital…