Consolidation near $2 keeps traders watching critical resistance levels
GRAY/USD is trading near $1.95 after a brief pullback from the $2.15–$2.25 resistance zone, as market participants closely monitor whether the asset can reclaim momentum and break higher. The price action over the past month shows a well-defined sideways consolidation range, with buyers defending a key support band between $1.70 and $1.80.
The chart highlights three major technical zones. The green demand area between $1.70–$1.80 has consistently attracted buyers since late June, with multiple rebounds confirming its importance. Below it, a broader $0.85–$1.00 support zone remains the last stronghold for bulls should market sentiment weaken. On the upside, the red supply zone at $2.15–$2.25 has capped every breakout attempt since early July, forming a stubborn barrier that needs to be cleared for further gains.
“When an asset repeatedly tests a resistance level without breaking down, it’s often a sign of underlying bullish pressure,” BITX technical market strategist explained. “If GRAY closes decisively above $2.25, the next logical target would be the $2.55–$2.60 range.”
Volume trends have been stable, suggesting that market participants are waiting for a catalyst before committing to larger positions. Analysts note that the repeated support retests in July and early August indicate that buyers are stepping in aggressively on dips, a constructive sign for the medium-term outlook.
“The $1.70 level is a critical battleground,” BITX trader commented. “As long as GRAY holds above it, the structure remains favorable for bulls, but a daily close below could shift momentum toward deeper supports.”
In the short term, price direction will likely depend on whether buyers can push through the $2.25 ceiling. A breakout could trigger fresh buying interest, while another rejection may keep GRAY locked in its established range.
For now, GRAY remains in a neutral-to-bullish consolidation phase, with technical signals leaning toward an eventual upside resolution if current support zones continue to hold.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.