Gridcoin has been in a bull market since September, but the price action over the past week is showing that a sideways market is now firmly established. The 0.000035 area has proven to be an iron resistance level. Price has failed to break above this area on four different occasions now. Price did hit a high of 0.00003907 on the 28th, but there was not enough buying pressure to stay above 0.000035. The bottom of the current trading range at 0.000032 has also held up as support about three times.
What may be a little worrying for bulls is the thinning buy side of the order book on Poloniex. When I did the last GRC technical analysis on the 25th, there were about 21.5 BTC in orders, today, there is about 14.7! Not a very big drop, but it would be a little more reassuring if a Top-15 cryptocurrency such as Gridcoin would have a more beefy buy-side support .
If price slips underneath 0.000032 and stays there for a few days, there is a very high chance that this level may turn into resistance. The 0.000032 is a very established pivot zone and any violation will surely be noted by traders/investors.
Disclaimer: This is not trading/investment advice! Traderman is an investor in Gridcoin.
Chart source: https://poloniex.com/exchange#btc_grc
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