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After falling victim to capitulation in May, The chart [GRT] keep fighting. It all started with a sharp price drop from $0.34 to $0.12 between May 5th and May 12th.
Despite the good recovery of many cryptocurrencies from May levels, the GRT did not agree to another three-month high. In June, it fell further to $0.09. Interestingly, GRT gave its investors a glimmer of hope in July — from $0.08 on July 13 to $0.14 on July 30.
However, GRT seems to have reverted to its old uninspiring ways. In the last 24 hours, it recorded a drop of 11.44% to $0.11.
NOT this time
The current GRT situation seems to be reluctant to increase the price. According to Santiment data, GRT’s volume decreased enough between July 31 and today (August 2). As of yesterday (August 1) it was 126.61 million. At press time, GRT volume was down to 71.95 million.
Moreover, the thirty-day MVRV ratio was also unimpressive, reflecting a fall of 11.26% in the last 24 hours.
Source: Santiment
Predictably, there was a similar drop in market capitalization. While GRT claimed the $1 billion cap in the last week of July and held it until the first day of August, the current situation suggests otherwise.
Less, not more
Based on the GRT four-hour chart, there could be some consolidation for GRT investors. This is because the Chaikin Money Flow (CMF) in green could move above the zero line in favor of buyers. Also, On-Balance-Volume (OBV) can contradict CMF sentiment.
At press time, OBV (blue) revealed downtrend even though the price continued to move further down. This move may prove that GRT investors may lose faith in the currency with increased selling pressure.
Source: TradingView
These indicators may keep investors dubious about the solid fundamentals of GRT vessels. However, they can find solace in the Relative Strength Index (RSI), while at press time, the RSI looked neutral.
Source: TradingView
However, the RSI stance may be too weak to predict a GRT uptrend, especially as stock market deposits have fallen 406% in the last 24 hours according to CryptoQuant.
However, it may be too early to write off GRT in this third trimester (Q3). However, investors can continue to monitor the accumulation levels if they see any rise as this can lead to a rise in prices.
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