GRASS Price Stabilizes at Horizontal Support After 25% Decline
GRASS price finds itself at horizontal support after a descending move. Correction likely to develop further.
Key Takeaways
- GRASS correction targets key Fibonacci levels at $2.15 and $1.90.
- The descending trendline from wave B acts as resistance.
- Breakout above $2.25-$2.05 support may signal a trend reversal.
GRASS recently completed a strong upward impulse wave, peaking just below $4 before entering a corrective phase.
The chart reveals a classic ABC correction structure, with wave C currently unfolding. Key Fibonacci levels suggest potential horizontal support areas, which could indicate the end of this correction and the start of a new upward trend if buying interest emerges.
GRASS Price Analysis
The GRASS chart on the 4-hour timeframe displays a well-structured Elliott Wave impulse pattern, followed by a corrective phase.
The initial upward movement forms a five-wave structure, with wave 5 reaching its peak below $4. This suggests a completed impulse wave, signaling an uptrend’s end and a corrective phase’s beginning.
After reaching the peak, GRASS enters a corrective wave, showing the formation of an ABC structure.
Waves A and B are already visible, and the price is currently moving downward, possibly forming wave C, which could complete the correction.
If wave C follows typical corrective behavior, it might reach one of the key Fibonacci levels, specifically near $2.15 or $1.90, aligning with the 1.0 and 1.272 Fibonacci extensions.
The chart has key Fibonacci retracement levels, which indicate possible support and resistance points.
Notably, the 0.5 Fibonacci level at $2.87 and the 0.618 level at $2.76 are close to the current price, indicating immediate support.
If the price fails to hold these levels, it may fall to the 0.786 Fibonacci level at $2.51, followed by $2.28 (the 0.5 retracement of a broader structure).
GRASS Price Prediction
The GRASS 15-minute chart illustrates a corrective ABC structure unfolding, with wave B recently completed and wave C currently in progress.
The chart suggests a descending pattern, following a five-wave impulsive structure within wave C, which may aim to complete the corrective phase.
The initial waves 1 and 2 of this sequence are already formed, and the price is now moving into wave 3, with its target set at $2.24 on the 1 Fibonacci level.
The descending trendline from wave B acts as a resistance level, and any attempt to break above it would indicate a potential shift in momentum. However, as the current trajectory shows, GRASS remains in a corrective phase.
Should the price reach these lower support levels and find buying interest, it could signal the end of the ABC correction and the start of a new upward phase. Until then, the descending structure suggests further downside, with a critical watch on the $2.25 and $2.05 levels for potential reversal points.
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