Groestlcoin (GRS) Technical Analysis: The One To Watch, Recovers 100% in 24hrs
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Groestlcoin is a seriously hot cryptocurrency today, surging over 100% this morning and holding on to its gains well without much correction. Right now the #108 asset is currently up 71.08% against BTC trading pair, with an impressive trading volume of $41M, which is significantly higher than a number of top 20 coins including Binance Coin (BNB), Monero (XMR) and IOTA (MIOTA).
Groestlcoin is a multi-utility cryptocurrency that boasts a number of blockchain-based features including; TOR and VPN supported private transactions, virtually zero-fees, ASIC mining resistance, major development releases every three months and it claims to be the first coin to activate SegWit.
Looking at its price action history over the last 12 months, you can also see that its community of investors is also unique. The asset has shown steady growth over the last 12 months despite the harsh bear markets we’ve witnessed so far, which exhibits a good quality community that HODL’s when the market depreciates. This is a promising sign that investors believe in the project and are not primarily interested in making fast gains, which hinders the price progress of a lot of cryptocurrencies.
As the rest of the crypto market starts to recover, can we expect Groestlcoin to continue climbing, or should we expect a late correction to chip away at this morning’s progress and send the asset tumbling back down? Let’s see what the chart tells us.
The Story So Far
Diving into the 1D GRS/BTC chart we can see that over the last 12 months, GRS has been too prone to explosive bullish runs that typically launch from the strong uptrending base support. I would not characterize these as ‘pump and dump’ cycles per say, as the strong uptrends usually take a few months to correct, compared to other coins like Bitcoin Diamond which can rise and fall dramatically during intraday trading.
Another interesting pattern to note is how the 50 EMA has interacted with the 200 and 500 EMA over the past year. In the analysis, you can see that the 50 EMA (blue) has never diverged below the 500 EMA and only briefly crosses below the 200 EMA before it enters into another surging bullish cycle. Right now, you can see that this has happened again, and broken bullish just as the 50 EMA fell beneath the 200 EMA line.
The Story Now
Over 2hr candles, GRS is looking like it will continue to hold on to its gains through the short-term with a number of promising signals showing up on the indicators, including;
- A confirmed bullish reversal on the Ichimoku indicator with a positive T/K crossing and a supporting Kumo stretching out in front of the price action;
- RSI back into the index channel after breaking out into the overbought region briefly. Now the asset has space to continue climbing;
- CMF showing a steady level of buying pressure above the zero line;
- MACD is still high above the signal line, but there has been a slight deviation in buying momentum over the last 2hr candle and the 12MA is starting to fraternize with the 26MA;
- There is also a strong bullish signal from the ‘golden crossover’ between the 50/200 EMA lines.
Groestlcoin has just corrected -17% back into the aforementioned support region between the 9,017 and 9,179 Sats area, but looking at these indicators, it could be a sign that the asset is setting up for another impulse wave.
Groestlcoin (GRS) Price Targets
All price targets are set from the current support at 9,091 Sats.
Price Target 1: First price target for the bulls will be a new impulse movement towards the earlier reached 10,435 Sats mark (14.79% ROI), which has been a historical resistance area for GRS in the past.
Price Target 2: From there, the asset will likely correct back down to the lower psychological support area at 10,000 Sats (10% ROI / -4.79% drop from the first target)
Price Target 3: Finally we would like to see a bullish continuation break through the top bull target above at 11,401 Sats (25.42% ROI overall).