GRASS Token Gains 132% From Recent Lows, But Can It Sustain the Bullishness?

GRASS began trading on 28 October, but many issues hampered the token's airdrop. The highly anticipated event saw technical issues develop

Freshly listed token, GREEN ARROW (GRASS), encountered several problems during its airdrop. The highly anticipated event encountered technical difficulties, preventing Phantom wallet users from accessing their tokens.

The rush to claim GRASS tokens caused a three-hour outage on Phantom. Some users also had their transactions flagged as unsafe. Several users took to the internet to complain about not being eligible for the airdrop despite having farmed.

Contributors and early supporters were allocated 10% of the total supply of 1 billion GRASS, which was hampered by problems. Will these setbacks dampen the bullishness behind the token or will the project show that it is ready for the market?

GRASS up 132% from recent lows

Source: GRASS/USDT on TradingView

The token’s price action data is limited because it has only been trading for a few days. However, on the lower timeframes, the bullish intent was evident. The token had above-average trading volume over the past 24 hours.

Since 30 October, the OBV has been trending steadily higher with the price, indicating buying pressure behind GRASS and suggesting that more gains may be likely soon.

The token encountered resistance at the psychological round number resistance of $2. A pullback to $1.75 could be possible, especially since the RSI formed a bearish divergence.

Chances of a deeper pullback

Source: Coinglass

There were two liquidity pools of note around the price at $1.96 and $1.56. The former appeared to be closer to its press time price, while the latter was a stronger magnetic zone.

The bearish momentum divergence and the liquidity pool at $1.56 suggested that a pullback below $1.75 could be possible. This possibility should be considered by traders.

A retest of $1.56 and $1.4 could present a buying opportunity for swing traders.