The Graph (GRT) price rebounded from the $0.317 support, registering a 14.8% ROI in the past two days. The GRT coin gave a bullish breakout from the descending triangle pattern, encouraging the buyers to overcome the overhead resistance of $0.39-$0.4. Escaping this range resistance could set further recovery of 25%.
Key points:
- The daily-RSI slope entering the bullish territory
- The intraday trading volume in the GRT is $125.6 Million, indicating a 33.6% gain.
Source- Tradingview
On February 21st, the GRT price breached the $0.39 weekly support. As a result, the sellers tumbled the GRT coin by 17%, bringing it to the following support of $0.315. The buyers tried several attempts to poke this bottom support; however, the long-rail rejection at this level indicated the buyers were aggressively defending it.
The GRT/USDT technical chart shows the formation of the descending triangle pattern. Furthermore, the recent GRT price jump has breached the pattern’s resistance trendline, indicating a possibility of bullish reversal.
The pattern breakout should encourage buyers to rechallenge the overhead resistance. Over the past three weeks, the coin price has resonated within the $0.39 and $0.317 levels. If buyers succeed in providing a closing above the $0.39 mark, the resulting rally could surge 25%, hitting the $5 psychological level.
Conversely, if sellers revert the altcoin from the $0.39 resistance, the consolidation phase would continue for a few more trading sessions.
Technical Indicator
The GRT buyers have flipped the 20 DMA into possible support. However, the 50 DMA strengthens the defense at the $0.39 mark and encourages sellers to pull the altcoin back to bottom support(0.137).
The Rising RSI(49) slope prepares to cross above the neutral zone(0.00), indicating a positive in traders’ sentiment.
- Resistance levels- $0.39, $0.5
- Support levels are $0.317-$0.3 and $0.236
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-can-descending-triangle-breakout-help-grt-buyers-to-reclaim-the-0-4-mark/