The cryptocurrency market is experiencing heightened volatility due to the ongoing US-Iran war. However, despite this uncertainty, the price of Grass has risen by 20% intraday. This development indicates growing sentiment towards smaller altcoins.
Renewed retail demand for Grass has contributed to its price increase. The derivatives market's Open Interest, which measures the notional value of outstanding futures contracts, has increased to $22 million on Monday from $13.2 million the previous day. In contrast, the Open Interest had faded to approximately $10.63 million last Tuesday.
From a technical perspective, Grass is sitting above both the 50-day and 100-day Exponential Moving Averages (EMAs). The Relative Strength Index (RSI) is rising to 70 on the daily chart, indicating steady bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicator remains above its signal line, as green histogram bars expand, affirming the bullish thesis.