Sustained Bullish Momentum hints GRT may Hit $0.17

While the majority of cryptocurrencies showcased a significant recovery in July until yesterday, the GRT/USDT pair seemed to be struggling in uncertainty as the price traded below $0.117. Thus, with the recent breakout, the technical chart shows a recovery opportunity for holders

Key points: 

• Steady growth in volume activity indicates a better possibility of GRT price sustaining above $0.117
• Post-retest rally from the $0.117 breakout provides a 37.5% growth opportunity
• The bullish thesis will be invalidated if the sellers pull a daily candle closing below the $0.117 support level.

Source- Tradingview

On July 27th, the crypto market reacted quite positively to the recent interest hike from the US Fed. Thus, the GRT price showed a massive jump from the bottom support zone with a morning star candle pattern.

Furthermore, the bullish momentum persists, and today with an early 22% gain the breached the $0.117 and $0.132 resistance in one strike. However, the GRT price currently trades at the $0.126 mark, but the long-wick rejection attached to the daily candle indicates profit booking from short-term traders.

Anyhow, to keep the bullish sentiment intact, altcoin needs a daily candle closing above the $0.132 or $0.117 . This breached resistance could flip into suitable footing for buyers to continue this bull run higher.

Thus, the potential rally may drive the GRT price 37.5% higher to the $0.17 barrier.

On a contrary note, if the GRT price fails to sustain above the $0.117 support, a resulting breakdown will replenish the selling pressure and pull the price to the $0.0921 mark.

Technical indicator

RSI indicator: following a bullish divergence throughout the consolidation phase, the daily-RSI slope climbing higher in bullish territory bolsters the breakout theory.

EMAs: In the recent price jump, the recently breached 50-day EMA, situated at the $0.117 mark, would assist buyers in sustaining through the expected retest phase. Moreover, the 100-day EMA moving around the $0.17 mark accentuates a potential target.

• Resistance levels- $0.117, and $0.092
• Support levels are $0.132 and $0.17