Graph Price Analysis: High Volume Reversal may Drive GRT to $0.15
The Graph(GRT) price surpasses the long-coming resistance trendline with a reversal from the $0.093 support level. The increased demand for the altcoin brings a reversal as the overall market takes a break from the falling trend. Will GRT buyers capitalize on this halt in the bear market to reach the $0.15 mark?
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 $59.32 Million, indicating a 13.26% gain.
Source- Tradingview
On June 11th, the GRT sellers breached the $0.128 price action level resulting in the descending triangle breakout. However, the fallout rally failed to drive the price far from $0.10 as the trend took a bullish turnaround from the $0.093 mark.
The bullish turnaround surpasses the resistance trendline and forms a rounding bottom reversal pattern with the neckline at $0.128. The reversal starts after a series of long-tail candles and propels the GRT price by 27% higher in the last four days.
Today, the GRT price has jumped 7.97% and teased a bull run to the overhead resistance at $0.128. However, buyers hoping to ride the bullish raid can find a safer entry spot at the neckline breakout.
A bull run above the $0.128 neckline can drive the breakout rally to the next supply area at $0.20 if GRT price undermine the selling pressure at $0.15.
On the opposite end, the failure to surpass the overhead resistance can result in a sideways trend between $0.10 and $0.128.
Technical indicator
MACD indicator: The fast and slow lines regain the bullish alignment and undermine the previous bearish crossover. The resurging bullish histograms represent a surge in buying pressure and add points to the bullish breakout theory.
Bollinger Bands: the bullish reversal launches from the lower band and prepares to take on the midline.
- Resistance levels- $0.15, and $0.2
- Support levels are $0.1 and $0.093
- Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push
- First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest
- Can Hype Price Hit $50 After Robinhood Listing?
- XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal
- Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
