The GRT/USDT pair is retesting a powerful declining trendline that has carried the downturn for the past two months. Furthermore, the plummeting price fell to a low of $0.119 before turning sideways. The altcoin is now indicating a bullish breakout from the dynamics trendline, indicating the start of a new rebound rally.
In the daily time frame chart, the OBV indicator shows a bullish divergence.
The 20 DMA provides GRT price dynamics resistance.
The GRT's intraday trading volume is $134.5 million, representing a 155 percent increase.
The Graph(GRT) sellers broke out of a three-month consolidation period on May 6th, when the price surpassed the $0.3 bottom support. May's slaughter resulted in a 61 percent drop in the altcoin's price, bringing it to $0.1191.
The daily candle, on the other hand, closes above $0.13, and purchasers have maintained this support for the past three weeks. In contrast, supply pressure above $0.2 restrains bullish growth, leading to a small consolidation.
Today, the GRT price rose 13.5 percent, hinting at a bullish breakthrough from the declining trendline. As a result, the buyer may be able to push the altcoin 26 percent higher, challenging the $0.2 range resistance.
A strong escape from this level would start a new rebound rally with a first target of $0.31.
Technical Indicators
OBV indicator: A bullish divergence in the daily-OBV slope indicates that market players are becoming more interested, which could support the $0.13 breakout theory.
DMAs: In addition to the declining trendline, the GRT price penetrated through the 20-day EMA, giving long trades an extra advantage. The remaining DMAs (50, 100, and 200) may, however, stymie any prospective rebound.
Resistance levels- $0.2, and $0.31
Support levels are $0.12 and $0.1
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