GRIN was launched in January 15, 2019, and was one of the most hyped launches in the history of cryptocurrency. The altcoin employs a new mining algorithm called MimbleWimble and, similar to Bitcoin, the publisher of the whitepaper remained anonymous.
However, things went downhill quickly. GRIN began being removed from some exchanges shortly after launch — most notably, BISQ. In July 17, it implemented its first hard fork.
SponsoredEarly Bitcoin investor and analyst Nick Cote suggested today that GRIN is a terrible investment and alluded to his previous negative attitude towards it
Who remembers $grin
I've shit on this from day 1 and will continue to do so until its inflation isn't awful.
Miners be like "it's a long term play".#grinned pic.twitter.com/Ax11TzKTZ5
— Nick Cote (@mBTCPiz) October 15, 2019
As is visible by the chart, we can see that the GRIN price is at an all-time low pairing against BTC and has been decreasing since its inception in early 2019.
GRIN: Hope on the Horizon?
Since February 9, 2019, GRIN has decreased by a massive 91 percent.
Additionally, besides a period of increase throughout the month of June, the rate of increase for GRIN has lagged behind that of BTC throughout the entire year. Furthermore, the altcoin’s price is at an all-time low.
SponsoredLooking at momentum indicators, we can see some hope that the altcoin will eventually initiate a reversal.
There is bullish divergence developing in both the RSI and the MACD — which is more pronounced in the latter.
However, even if one were to occur, there is a very strong resistance area at ₿0.00024. This previously acted as support throughout May-August, before the GRIN price eventually broke down. If the altcoin’s price was to initiate a reversal, it would likely end there.
Not Looking Good
As it currently stands, the short to medium-term future looks grim for GRIN. Unless something drastic occurs, we do not look at it as a coin with an opportunity to give profits.
Do you think GRIN will ever approach its previous highs? Do you think initiating a long on GRIN can be profitable? Let us know in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images are courtesy of Shutterstock, TradingView.
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