GRT coin price rebounds from the $0.325 weekly support, registering a 9.5% gain. Can the renewed bullish momentum breach the falling channel pattern? Key technical points:
- GRT coin price forms a daily-morning star pattern at $0.325 support
- The 50-day EMA provides dynamic resistance
- The 24-hour trading volume in the GRT is $213 Million, indicating a 50% rise.
Past Performance of GRT
The Graph(GRT) has been correcting inside a falling wedge pattern for the past three months. However, The recent bear cycle was initiated during Mid-February when the price turned down from the shared resistance of the descending trendline and $0.5 resistance. This correction rally tumbled the altcoin by 32.5%, slipping it to the $0.33 mark.
Source-Tradingview
GRT Technical Analysis
The GRT buyers tried to bounce back from the $0.32 mark and breach the immediate resistance of $0.39. However, the sellers mounted a vigorous defense at this level and dumped the coin price back to the low swing support(0.32). Nevertheless, the altcoin rebounded from this support with a morning star pattern, suggesting the traders accumulate at this dip. The downsloping crucial EMAs (20, 50, 100, and 200) indicate the sellers have the upper hand in a bearish sequence. Moreover, the 50-day EMA acts as a dynamic resistance restraining bullish activity. RSI Indicator: The RSI slope shows an evident bullish divergence concerning the last three swing lows. This indicates a better possibility for a bullish breakout from the falling pattern. Stochastic RSI Indicator: The bullish crossover among K and D shows an early price-action reversal. Moreover, the positive divergence in the lines suggests the increasing bullish momentum. In a nutshell, GRT technical analysis reveals a high probability of a bullish breakout of the resistance trendline and 50-day EMA.
Upcoming Trend
The GRT/USD pair could soon stage a bullish rally following the morning star pattern and challenge the confluence of significant technical resistance, i.e., $0.39 horizontal, descending trendline, and 50–day EMA. If buyers breach the sustain above these shared resistances, the traders can expect a quick rally to $0.5, followed by $0.6. Support Levels: $0.32 and $0.27 Resistance Levels: $0.39 and $0.5
