The Graph(GRT) price teases a bullish breakout from the $0.388 resistance. Escaping its consolidation phase will kick start a new recovery rally, allowing buyers to retest the $0.5 mark. However, the buyers need to overcome several technical resistances at $0.388 before they hope to reach the higher levels.
Key points:
- The GRT price breached the dynamic resistance trendline
- The intraday trading volume in the GRT is $125.6 Million, indicating a 33.6% gain.
Source- Tradingview
In the past three weeks, the GRT/USDT pair has been trapped in a tight range stretching from $0.388 and $0.317. The altcoin gave several retests to the bottom support level, indicating the traders are buying on this dip.
On March 13th, the coin price rebounded from the $0.317 level with a morning star pattern. In addition, the three consecutive daily-red candles showed high volume activity, indicating the increasing bullish momentum.
The recovery rally registered a 22.5% gain, hitting the overhead resistance of $0.388. The technical chart shows a confluence of resistance levels at this mark, such as the 50-day and descending trendline.
A breakout and closing above these combined resistances would indicate the traders’ sentiment has shifted towards buying the dip, opening the path to the $0.5 mark.
Alternatively, if sellers rejected the altcoin from the $0.39 resistance, the sideways rally might continue for a few days.
Technical chart
Today, GRT price retested the 20-day EMA suggesting the prior resistance has flipped to support. Nonetheless, the 50-day EMA reinforces the defense at $0.39 resistance, restricting buyers’ attempt to rally higher.
The rising OBV indicator slope highlights that traders’ are aggressively buying at $0.312 support. This increases the chance for bulls to break out from overhead resistance.
- Resistance levels- $0.39, AND $0.5
- Support levels are $0.317-$0.3 and $0.235
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-prediction-grt-buyers-eye-0-5-next/