- GRT token price is super bullish as seen on a daily time frame.
- The GRT token price has broken out of the rounding bottom pattern on a daily time frame.
- The pair of GRT/BTC is trading at the price level of 0.00000727 with an increase of 1.59% in the past 24 hours.
The GRT token price, as per the price action, is super bullish and the same is depicted in the daily time frame. The GRT token price rose above the important supply zone a couple of days back and since then it has been in consolidation.
Recent bearishness in the overall market has not affected the GRT token much. As the token price fell, it was able to sustain above the breakout zone. As a result, the token price can be seen moving up after resting in the breakout zone. As of now, the GRT token price is forming higher high and higher low formation on a daily time frame. The GRT token price is currently trading above the 100 and 50 Moving Average. The token price broke these important moving averages during the breakout of the supply zone. Since then it has been trading above it.
Moving upward the token price can be seen resting at these MAs. The GRT token price is currently trading at the lower band of the Bollinger band indicator after failing to surpass the upper band. The GRT token price has crossed the 14 SMA. Volume has been normal despite the strong movement in the GRT token price. Therefore investors should wait for a proper signal of retest and then act accordingly.
The GRT token price has gone past the important supply zone, forming a rounding bottom pattern
Average Directional Movement Index: ADX curve is dipping for the past couple of weeks after rising. As the token price broke the supply zone, the ADX curve was also seen moving up rapidly. As of now, the ADX curve is dipping as the token price also falls after a strong bullish momentum. The fall in the GRT token price has resulted in the GRT token price retesting the breakout zone. Once the token price bounces off the demand zone,the ADX curve can be seen moving up.
Moving Average Convergence Divergence: MACD indicator has given a negative crossover as the token falls after the breakout of the supply zone on a daily time frame. The blue line crossed the orange line on the downside. This has resulted in the token price falling strongly. Once the token price starts moving up again after retesting, the MACD indicator can give a positive crossover and the gap between the blue and orange lines can be seen widening supporting the trend. After the breakout of the small supply zone, the token is now trading in a small range, resulting in the consolidation.
Relative Strength Index: RSI curve is currently trading at the level of 41.89. RSI curve is yet to cross the halfway mark of 50. Once the token price bounces off the demand zone, the RSI curve can be seen moving upward crossing the halfway mark of 50, supporting the trend of the GRT token. The RSI curve has also crossed the 14 SMA downward indicating some bearishness before the further upwards movement.
Conclusion: The GRT token price is currently hovering around the demand zone on a daily time frame. On a weekly time frame, the token price is forming lower and lower in high formation. It remains to see if the token price bounces off the demand zone, which can lead to a change in price structure on the weekly time frame, or fails to do so and fall.
Support $0.14 and $0.16
Resistance: $0.23 and $0.27
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/02/11/grt-token-price-analysis-grt-token-storms-past-the-hurdles/