Gridcoin was on a tear during September, October and November of last year, but the trend reversed at the beginning of December. Price is currently hovering around the 0.00002 pivot zone. This level has played a big role on the GRC charts for the past three months, acting as resistance on two occasions during the first half of October, and turning into support around the middle of December.
The 0.000027 area has also turned into a very prominent pivot zone. This level held up price on two occasions at the end of October. This area then acted as resistance during the last rally, which took place on December 18. If GRC makes another run higher, the 0.000027 area is likely to act as resistance once again, so keep this area in mind.
The order-book looks healthy with about 10.25 BTC worth of orders on the buying side, and lots of tightly packed orders in the 0.000019 area. However, the total amount of buying support has decreased since my last Gridcoin technical analysis at the end of October, which showed about 14.7 BTC in buy orders.
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.
The tokenized equities sector is accelerating rapidly, and xStocks has now crossed a defining milestone:…
Coinbase-incubated Layer 2 network Base is entering a new phase of its development, moving toward…
Zora has officially launched its new “attention market” on the Solana blockchain, marking a bold…
The XRP Ledger has introduced a new on-chain trading framework that signals a notable shift…
A new milestone in the evolution of crypto investment products is set to unfold as…
A major milestone is unfolding in the blockchain economy as Polygon records a historic “flippening”…