Will GRT Attain a Rebound Above $0.1600?

The Graph Token (GRT) price witnessed a retracement from the highs of $0.2200 and is replicating profit booking in the recent sessions. Moreover, the price action displays lower low formation, and a trend reversal was noted. However, the token has retested its 200-day EMA mark and formed a hammer candlestick. Afterward, a rebound was witnessed and the token retained $0.1600, the support zone.

The GRT token price is trading at an essential zone of $0.1600 close to the 20-day EMA mark, where bulls are trying to retain bullishness and are willing for a rebound. Conversely, the sellers are looking for a throwback below $0.1500 to initiate a selloff. The trend is neutral and a short covering move is anticipated above $0.1650. Per the Fibonacci retracement levels, the GRT price has slipped below the 50% zone and is sustaining gains near the 38.2% zone.

This cryptocurrency’s price was $0.1618 at press time with an intraday gain of 1.43%, showing neutrality. Moreover, the trading volume increased by 14.10% to $44.65 Million, highlighting low investor interest. The pair of GRT/BTC was noted at 0.00000371 BTC, while the market cap is $1.19 Billion. Analysts are neutral and suggest that the token will retain bullishness and may catch $0.2000 soon.

The GRT Price on Daily Charts Displays Retracement

On the daily charts, GRT price flipped from the top, hovering near the 20-day EMA support region and delivering selling pressure in the recent sessions. Amidst the market volatility, GRT price sustained on the 20-day EMA mark and gave low investor interest, leading to profit booking in the past sessions.

The RSI curve stayed in the oversold region, forming a negative divergence and suggesting a further downward move in the upcoming sessions. Moreover, the MACD indicator shows a bearish crossover and formed red bars on the histogram, suggesting the bears dominance.

The GRT Price Faced Rejection from Supply Zone on Weekly Charts 

On the weekly charts, the GRT token price showcased a sharp rejection from the supply zone of $0.2220, and the token lost over 30% of gains in the past sessions. However, the token has held the gains and has not yet breached the 50-day EMA mark, which conveys positivity.

Summary

The GRT price showcases a retracement and is hovering near the 20-day EMA support region, which acts as a barrier while attempting a pullback. However, the trend is neutral, and volatility was witnessed in the recent sessions.

Technical Levels

Support Levels: $0.1500 and $0.1400

Resistance Levels: $0.1700 and $0.1800

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.