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Graph Price Analysis: Growth In Volume Activity Hints GRT To reclaim $0.2

GRT coin

Published June 4, 2022

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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.

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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.

TradingView ChartSource- 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.

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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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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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