GRAM crypto hits 3-month high – Can it clear the path to $1.80?

In a major trend reversal, Gram [GRAM] broke out of a multi-month downtrend. In doing so, the altcoin flipped $1.60 and climbed to a three-month high of $1.63 before retracing. 

At press time, GRAM was trading around $1.58, up 10% on the daily charts. At the same time, the Spot volume surged 130% to $215 million. Moreover, the altcoin’s daily turnover also rose to July levels, hiking to $71 million, suggesting strong buying pressure in the market.

Why is GRAM crypto rising now?

GRAM made a major upward move amid renewed chatter around the network’s self-custodial wallet. For instance, Khi.ETH noted that the much-anticipated rollout of self-custodial wallets to over one billion users will be complete in the coming weeks.

Bringing the wallet to such a user base is expected to create a long-term boost for the token. Furthermore, GRAM crypto traders returned with strength for strategic positioning.

According to CoinGlass data, the altcoin’s Open interest (OI) rose 17% to $188.6 million as of writing. Over the same period, derivatives volume rose 199% to $186 million.

The jump in both OI and volume indicated higher participation as traders opened new positions.

Meanwhile, GRAM’s Long Short Ratio jumped to a high of 3.4 among Binance’s top traders. On both OKX and Binance, the ratio held above two, with the overall ratio sitting around 1.028.