The Graph (GRT) Price Prediction : GRT price forming double bottom bullish reversal pattern

GRT crypto price recovered 30% from the lows at $0.0538 and attempting to breakout the neckline of double bottom pattern
The Graph crypto price breakout of the 50 day EMA hurdle and formed a strong bullish candle

The Graph crypto price is trading with mild bullish cues and the buyers are trying to reverse the short term trend in the favor of bulls. As per coinglass, In the last 12 hours GRT Long and Short ratio stands at 0.93 which denotes minor correction may also be possible. As of now, The pair of GRT/USDT is trading at $0.0714 with the intraday gains of 2.29% and 24 hour volume to market ratio stood at 0.1082

Will the GRT price break the neckline of double bottom ?

Source : GRT/USDT daily chart by Tradingview

On a daily time frame, GRT crypto prices are in the bear grip and sellers are kept on dominating the higher levels. In November, prices dropped below its important support level of $0.0800 with a strong bearish candle which triggered negative sentiment and prices dragged down while forming lower lows candles and hit a yearly low at $0.0517. Later, prices recovered a little bit and tried to reclaim the $0.0800 level but got rejected and ended up forming a double bottom pattern.

Recently, prices breakout the 50 day EMA (yellow) hurdle with a strong bullish candle and challenging the bears sitting on the neckline of double bottom pattern. If bulls succeed to break out of the neckline resistance at $0.0751 it may open up more room for GRT investors and may trigger further upside movement towards the next technical hurdle at $0.0900 and $0.1004. As per price analysis the recent up move looks sustainable due to higher volume bars denoting some genuine buyers might have taken long positions and expecting the neckline breakout in coming weeks. However, the price confirmation will come when buyers are able to hold the prices above the 50 day EMA in coming sessions.

On the lower side $0.0500 will act as a strong demand zone for traders and sadly if prices slipped below $0.0500 level GRT may end up marching towards new lows. The MACD had generated positive crossover indicating prices may continue the upward momentum whereas the RSI at 71 entered the overbought zone denotes minor corrections may also be possible.

Summary

The Graph crypto prices are stuck in the narrow range and bulls are expecting an upside expansion. As per technical analysis, the recent up move looks sustainable and the short term trend may work in the favor of bulls. Therefore, aggressive traders might look for buying opportunities for the target $0.0900 and above levels by keeping $0.0517 as SL. However, if the prices slipped below $0.0500, GRT may end up marching towards new lows.

Technical levels

Resistance levels : $0.0900 and $0.1004

Support levels : $0.0500 and $0.0400

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.