GRT Price Analysis: GRT Token testing resistance at $ 0.51 after breaking out of descending pattern

• GRT Token Price is in a consolidation phase over the last couple of weeks
• The coin broke out of a three-month-long descending trend earlier this month
• The coin has been bullish over the last few hours as it tests the resistance of the consolidation zone

GRT Token Price is in a consolidation phase on the daily chart. The token was earlier in a bearish-dominated trend. The coin was using a downward sloping trendline for resistance as can be seen on the chart for a period of three months. The coin has been seeing healthy volumes as it consolidates between $ 0.38 and $ 0.51. The coin looks to continue consolidating over the next few sessions before making any directional changes. The support at $ 0.38 has proved to be a strong one for the token.

GRT Token Price is on a bullish phase on the hourly chart heading towards the resistance at $ 0.51. The coin was earlier in a bearish parallel channel for a week prior to the bullish reversal. The volumes have increased sharply over the last couple of days as the coin began the bullish reversal. The coin looks to trade in the current zone over the next few trading sessions. The average volumes have also increased, having said that the last few hours have seen a decline in volumes and the bullish momentum has decreased.

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Conclusion: 

GRT Token Price is on a bullish momentum on the hourly chart as it moves to test the resistance of the consolidation zone. It remains to be seen over the next few trading sessions if the coin is able to break the resistance zone.

Support: $ 0.38

Resistance: $ 0.51

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.