schwarg

GRTUSD More accumulation before breakout

Long
COINBASE:GRTUSD   GRT/USD
Hello people!
First Idea here on Trading View. No fancy charts more just fundamentals. Of course, not financial advise, DYOR.

GRT has not had a meaningful recovery in its token price since it dipped below 1.00 in May. Price has been bouncing inside this channel and accumulating. What is noteworthy is the amount of inflation and unlocked tokens it has seen since hitting its ATH .

When it was trading at $2.71 it had a market cap of 3.38 B giving it a circulating supply of about 1.25 B. Today the token is trading in the low 70 cent range with a market cap of roughly the same, 3.4 B. The circulating supply is now 4.7 B!!

According to the team's website, the number of unlocked tokens will be much lower with a smaller unlock period in mid December. I believe the token price will see significant price action and move towards new ATH by December as long as market remains bullish .

AVAX had similar looking price activity before it started pumping at the first sign of bitcoin's recovery. IMO GRT will eventually see likewise performance as it is still at a relatively attractive price.
Comment: Tracking the trendline nicely so far, onwards to $3.50!!
Comment: Wicked to top of channel....still awaiting a clean breakout!
Trade active: GRT looking pretty good, still testing the top of the accumulation channel with a daily wick above it. Need a daily close above the channel and possibly a retest as support and then we're cooking. Lot's of bullish momentum.
Trade active: No major moves to the upside by the cryptocurrency market so far in November and with this wider pullback, it's looking like the cycle will extend well into next year IMO. This timeframe will need to play out a bit further and accumulate into a higher base of support. Nevertheless, the trend still holds, higher highs & higher lows.