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
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