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The Grass crypto token has experienced a significant surge this week, reaching its highest level since March 6. This upward momentum comes as its scraped data volume soared to a record high, driving increased market interest.

Grass Token Price Surge and Market Performance

The price of Grass climbed to $2.4078, marking a nearly 70% increase from its monthly low. This surge pushed its market capitalization above $578 million, with daily trading volume jumping by 215% to reach $151 million. These metrics highlight growing investor interest and activity surrounding the token.

Record Data Scraping Activity

According to the Grass Foundation, the platform’s daily scraped data volume hit a record 1,762 terabytes, significantly up from this week’s low of 200 terabytes. The previous record of 1.745 terabytes was set in March. This increase demonstrates expanding usage of Grass’s unique data-scraping capabilities.

The Grass network leverages unused internet bandwidth from user devices, referred to as “nodes,” to scrape publicly available data from platforms like Wikipedia and major news outlets. This data is subsequently utilized to train artificial intelligence (AI) models, providing them with access to real-time public information.

Reward System and Ecosystem

In return for their contributions, the Grass Foundation rewards its more than 2 million participants with GRASS tokens. This system creates a mutually beneficial ecosystem by incentivizing user participation while enhancing the platform’s capabilities.

Increased Futures Market Demand

Data from leading analytical platforms shows a sharp increase in demand for Grass tokens in the futures market, with open interest reaching an all-time high of $152 million. Bybit led the activity, followed by Binance, underscoring heightened speculative interest in the token.

Grass Token Price Analysis

Technical analysis of the Grass token reveals a bullish trend. The token surged to $2.3875, its highest price since March 6, breaking above the critical resistance level of $2.00, which previously served as the high on April 2.

The token also broke out of a symmetrical triangle pattern, signaling a confirmed upward move. It is currently trading above the 50-period moving average, while the Relative Strength Index (RSI) has entered overbought territory, further supporting the bullish outlook.

Key Support and Resistance Levels

  • Support Level: The psychological support level at $2 is a key area to watch. A retest of this level may provide a foundation for further gains.
  • Resistance Level: If the uptrend continues, Grass could aim for its all-time high of $3.85, representing a 70% upside from current levels.

However, this bullish scenario would be invalidated if the token falls below the psychological level of $1.50. This point aligns with the intersection of two trendlines from the symmetrical triangle pattern, making it a critical level for traders to monitor.

With its innovative approach to data scraping and a growing ecosystem, the Grass token continues to attract attention from both retail and institutional investors. Keep an eye on its price movements and market developments for potential opportunities in this evolving space.

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