The Grass crypto price has rebounded in the past few weeks as investors remain optimistic about its future and staking rewards. The token was trading at $2.20, up 140% from its lowest level this year.
Grass Crypto price has jumped for three main reasons. First, network data shows that the amount of scraped data continues to rise. The daily scraped data rose to a record high of 1,762 terabytes earlier this month, meaning it has continued to grow.
Initially, Grass was a technology platform that collected data from node operators in over 190 countries. These users installed the application on their computers, and then the network scraped the idle resources.
Grass then sells the data to companies building artificial intelligence models, an industry that continues to grow.
Second, the Grass token has jumped as the staking yield has soared. Data shows that the total Grass staked has jumped to 35.69 million, worth over $78 million. These holders earn an APY of 33.61%, much higher than popular cryptocurrencies like Ethereum and Solana.
Third, the Grass token has also maintained its value because of the ongoing demand for AI solutions and the hope that the crypto market will bounce back soon.
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Grass Price Technical Analysis
The eight-hour chart shows that the Grass crypto price has surged 145% from its lowest level on record. It has moved from a low of $0.9134 to the current $2.55, making it one of the best-performing coins in crypto.
Grass has already moved above the key resistance point at $1.9878, the highest swing since April 2. It is also slowly forming a bullish flag pattern, which consists of a vertical trend and a consolidation phase.
The Grass crypto has also moved above the 38.2% Fibonacci Retracement level. Therefore, the path of least resistance for the Grass coin is bullish. The next point to watch is its all-time high of $3.88, which is about 72% above the current level. This view will be confirmed when the coin rises above the resistance at $2.80.
READ MORE: Grass Crypto Price Surges: Could it Climb to $5 Soon?
