On February 24th, the (Graph) GRT buyers arrested the downfall at $0.3 psychological level and rejected the price immediately. The altcoin surged 20% in the past four days, trying to breach the immediate resistance of $0.363. However, a genuine recovery needs the bulls to break and close above the $0.39 mark.
Key technical points:
- The GRT buyers breached a minor resistance level of $0.363
- The intraday trading volume in the GRT is $125.6 Million, indicating a 33.6% gain.
Source- Tradingview
On February 21st, the GRT sellers gave a deceive breakdown from $3.9 support. The following retest day indicates the support has flipped to resistance, resulting in a 20% downfall. The sellers pulled the altcoin to a $0.3 psychological level, but a sudden demand in the crypto market reverted the price, accounting for a 15% rejection tail.
Today, the GRT/USDT pair bounced back from the $0.33 mark, registering a 9.2% intraday gain. The coin chart shows crucial SMAs(20, 50, 100, and 200) are declining in a bearish alignment, indicating a downtrend.
The sudden price pump pushed the MACD fast line higher, approaching the slow line from below. This bullish crossover would trigger a buy signal for the traders.
GRT/USDT: 4-Hour Time Frame Chart
Source-Tradingview
Today’s GRT price jump would bolster the GRT buyers to breach the immediate resistance of $0.39. If they succeed, the traders would get their first sign of recovery and drive the altcoin 30% high to the $0.5 mark.
Contrary to the above assumption, if sellers mount stiff resistance at $0.39 and restrain the altcoin below. The selling pressure would accelerate and dump the price back to $0.33 support.
- Resistance levels- $0.39, $0.445
- Support levels are $0.33 and $0.3
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/graph-price-analysis-grt-price-soars-9-percent-is-0-5-next/