$GRIN Analysis — Should You Buy Privacy Coins For The Long Term?

CryptoPlanet
Nov 6 · 2 min read
$GRIN Analysis - Should You Buy Privacy Coins For The Long Term?
$GRIN Analysis - Should You Buy Privacy Coins For The Long Term?

$GRIN / USDT

I will be purchasing a bag of $GRIN for the long term. If a bull run is upon us soon then I believe I can’t go wrong with a privacy coin for the long term. Especially given the small supply that it has, which is ~25 million.

For comparison Monero, the most well-known privacy coin only has a supply of 17 million with a current price of ~$64. At all-time highs the asset even reached $495. Bitcoin also only has a 21 million supply and is currently sitting at ~$9k.

The pattern that we can see is an ascending triangle which is a very bullish pattern. We have broken above the resistance and reached ~1.267. We have currently retraced to the support. Holding here would signal a very bullish reversal ahead of us.

We can also see a very clear Inverse Head and Shoulders pattern at the bottom of the downtrend, this is also quite a bullish reversal pattern. Once we broke out from here we went from $1.04 all the way to $1.26! Further upwards movements seem likely.

Another very strong sign of this asset being bullish would be this cup and handle that has successfully formed and broken out of on the 1 hour chart.

Current Price: $1.219
Target: None yet

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