After falling victim to surrender in May, chart [GRT] Been struggling. It all started with a sharp price drop from $0.34 to $0.12 between May 5th and May 12th.
While many cryptocurrencies recovered well, surging above May levels, GRT did not reach another three-month high. In June, it fell further to $0.09. Interestingly, GRT offered investors a glimmer of hope in July — surging from $0.08 on July 13 to $0.14 on July 30.
However, GRT seems to be returning to the lackluster ways of the past. In the past 24 hours, it recorded an 11.44% drop to $0.11.
Not this time
The current state of GRT seems reluctant to raise prices.GRT volume, according to Santiment reduce Between July 31st and today (August 2nd) is enough. As of yesterday (August 1), it was 126.61 million. At press time, GRT transaction volume has dropped to 71.95 million.
Also, the 30-day MVRV ratio isn’t impressive either, down 11.26% over the past 24 hours.
Source: Santiment
A similar drop in market value is expected. While the GRT announced the $1 billion cap in the last week of July and stayed there until the first day of August, that’s not the current state of affairs.
less, not more
According to the GRT four-hour chart, there may be some consolidation for GRT investors. This is because the green Chaikin Money Flow (CMF) is likely to cross the zero line in favor of buyers. Additionally, on-balance volume (OBV) may contrast with CMF sentiment.
At press time, OBV (blue) disclose Even if the price continues to fall further, it is a downtrend. The move may prove that GRT investors may lose faith in the coin as selling pressure builds.
Source: TradingView
These indicators may make investors skeptical about the solid fundamentals of GRT ships. However, they can find solace in the Relative Strength Index (RSI), which looks neutral at press time.
Source: TradingView
However, the RSI stance may be too weak to predict a GRT uptrend, especially given the 406% drop in exchange deposits over the past 24 hours Encrypted Quantum.
However, it may be premature to write off GRT in the third quarter (Q3). However, investors can continue to watch for any upside from the accumulation level as this could lead to a price surge.
