The GRT price recently made an attempt to make a bullish rally after making a double-bottom pattern on the daily timeframe. If the price is successful in breaching above the current resistance levels it has the potential to attain 53% within the next few weeks. Presently, it is taking severe resistance from the 200 EMA.
The majority of the technical indicators are presenting a bullish outlook regarding the near future. The price is in a challenging phase where one side is gaining support from the 200 Moving average on the other side it is taking resistance from the 200 EMA. The oscillators RSI and stochastic RSI are at present also trading in contrast with each other.
The current value of the GRT token is $0.131 and it has a market cap of $1.18 Billion observing a slight surge within the past few days.
Rise of Bullish Sentiments in the GRT Price
The Investor’s sentiments regarding the GRT price are seeing a positive surge within the past few days. The total Bullish Sentiment metrics have increased by 24.34%. The buyer’s bullish opinions may also bring some effect on the price action in the near future.
Greed and Fear Index of the Major Market Sentiments
The majority of market sentiments have been moving near the neutral zone for the past few weeks at 51 points, according to the greed and fear index, provided by the Alternative (dot) me platform. These values have been nearly stagnant for the past few months.
The bears are presently prominent in the price action, though they might surrender the control to bulls within the next few months.
Technical Analysis of GRT Price
The RSI line is making a bullish higher high and low pattern on a one day chart. At present, the RSI line is trading at 57.34 points, whereas the 14 SMA is trending just below the 50 RSI point at around 46.17 points.
At present, the stochastic RSI is trading near its extreme overbought levels making a double top. The %K line may soon give a negative interception to the %D line near 14 points. At present the value of the Stochastic RSI is 98.07 points.
Conclusion
According to the analysis, If the price is supported by the investors it may continue moving on a bull trend.
Technical Levels:
Support –$0.1500
Resistance – $0.1000
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.
Source: https://www.thecoinrepublic.com/2023/05/31/grt-price-analysis-will-the-bulls-continue-to-dominate-charts/