GRAM crypto hits 3-month high – Can it clear the path to $1.80?
GRAM surged 10%, hitting a three-month high of $1.62 driven speculative activity.
In a major trend reversal, Gram [GRAM] broke out of a multi-month downtrend. In doing so, the altcoin flipped $1.60 and climbed to a three-month high of $1.63 before retracing.
At press time, GRAM was trading around $1.58, up 10% on the daily charts. At the same time, the Spot volume surged 130% to $215 million. Moreover, the altcoin’s daily turnover also rose to July levels, hiking to $71 million, suggesting strong buying pressure in the market.
Why is GRAM crypto rising now?
GRAM made a major upward move amid renewed chatter around the network’s self-custodial wallet. For instance, Khi.ETH noted that the much-anticipated rollout of self-custodial wallets to over one billion users will be complete in the coming weeks.
Bringing the wallet to such a user base is expected to create a long-term boost for the token. Furthermore, GRAM crypto traders returned with strength for strategic positioning.
According to CoinGlass data, the altcoin’s Open interest (OI) rose 17% to $188.6 million as of writing. Over the same period, derivatives volume rose 199% to $186 million.
The jump in both OI and volume indicated higher participation as traders opened new positions.
Meanwhile, GRAM’s Long Short Ratio jumped to a high of 3.4 among Binance’s top traders. On both OKX and Binance, the ratio held above two, with the overall ratio sitting around 1.028.
At these levels, this metric suggested that investors mostly opened leveraged longs expecting more gains on the price charts.
What’s next?
The community speculation over the GRAM ecosystem’s anticipated expansion brought about higher speculative activity, resulting in more gains.
At the time of writing, the Aroon Up line was nearly 100%. Likewise, the MACD has also held on an upward trajectory, further confirming this uptrend.
Under these market conditions, GRAM is well positioned to reclaim $1.60 and target $1.80, where the trend reversed in July.
However, bears have proven stubborn, and profit realization is a major hurdle GRAM faces. For the trend to hold, selling pressure must cool down.
Final summary
- GRAM broke out of a downtrend and surged 10%, to a three-month high of $1.62.
- GRAM rallied as speculative demand returned amid renewed community chatter over self-custodial wallets.
