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The GRT/USDT pair retest a highly influential descending trendline which has carried the last two-month downtrend. Furthermore, the falling price hit a low at $0.119 and turned to walk a sideways path. Now the altcoin hints bullish breakout from the dynamics trendline to kickstart a new recovery rally.
Key points:
- The OBV indicator presents a bullish divergence in the daily time frame chart
- The 20 DMA offers dynamics resistance to GRT price
- The intraday trading volume in the GRT is $134.5 Million, indicating a 155% gain.
Source- Tradingview
On May 6th, the Graph(GRT) sellers escaped from a three-month consolidation phase as the price breached the bottom support of $0.3. The resulting downfall aligned May bloodbath tumbled the altcoin 61% down to the $0.1191 mark.
However, the daily candle closes above the $0.13 level, and over the past three weeks, the buyers have maintained this support. Conversely, the supply pressure above $0.2 limits the bullish growth, resulting in a minor consolidation.
The GRT price has jumped 13.5% today and teased a bullish breakout from the descending trendline. As a result, the buyer could drive the altcoin 26% higher to challenge the range resistance of $0.2.
A successful breakout from this level would trigger a new recovery rally, aiming at $0.3 as its first target.
On the opposite end, until altcoin doesn’t breach the $0.2 resistance, the possibility of bottom support($0.13) fallout remains intact.
Technical indicator
OBV indicator: A bullish divergence in the daily-OBV slope suggests rising interest of market participants, which may bolster the $0.13 breakout theory.
DMAs: Along with descending trendline, the GRT price pierced through the 20-day EMA resisting offering an additional edge to long trades. However, the remaining DMAs(50, 100, and 200) may stall any potential rally.
- Resistance levels- $0.2, and $0.3
- Support levels are $0.13 and $0.1
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