Graph Price Analysis: Will $0.105 Breakout Resolve Uncertainty Among GRT Traders?
On July 16th, the Graph (GRT) price pierced a two-month-long resistance trendline, hoping to kickstart a new recovery run. The post-retest rally has surged the altcoin by 13.57% on the intraday level and breached the $0.105 resistance. Can the accelerated bullish momentum push the coin price above the $0.1175 barrier?
Key points:
- The $0.105 breakout bolsters buyers to drive the GRT price to $0.132
- The MACD indicator’s slopes may soon enter the bullish territory
- The intraday trading volume in the GRT is $85.9 Million, indicating a 109.5% gain.
Source- Tradingview
The GRT/USDT pair lowered in response to a descending resistance trendline during the past two months. However, this altcoin faced intense demand pressure from the $0.875 support, preventing any further downfall in price.
Since last month, the GRT price has thrice reverted from the $0.875 support, validating it as an important accumulation phase. Thus, the replenished bullish initiates a new recovery rally on July 13th as a bullish engulfing candle jumped from the mentioned support.
The resulting rally surged the GRT price 28% higher to hit its current price of $0.115. Amid this recovery, the buyers breached the downsloping trendline, offering an early sign of recovery.
Furthermore, with a 108% jump in trading volume, the GRT price shows a massive breakout from the immediate resistance level of $0.105. A daily candlestick closing above this level would provide a stable footing for buyers to lead this bull run ahead.
Thus, the post-breakout rally should propel the coin price 18.5% higher to the $0.13 mark.
Technical indicator
EMA: with today’s jump, the GRT buyers sliced through the dynamic resistance of the 20-day EMA. Furthermore, this breached resistance may flip to viable support for any occasion pullback in ongoing recovery.
MACD indicator: the indicator chart shows a mirror image of the falling price action, registering a constant rally from fast and slow lines. This evident bullish divergence indicates growth in underlying bullish momentum and bolsters the upcoming recovery.
- Resistance levels- $0.1175, and $0.132
- Support levels are $0.105 and $0.0875
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