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The Graph (GRT) price rebounded from the $0.317 support, registering a 14.8% ROI in the past two days. The GRT coin gave a bullish breakout from the descending triangle pattern, encouraging the buyers to overcome the overhead resistance of $0.39-$0.4. Escaping this range resistance could set further recovery of 25%.
Key points:
- The daily-RSI slope entering the bullish territory
- The intraday trading volume in the GRT is $125.6 Million, indicating a 33.6% gain.
Source- Tradingview
On February 21st, the GRT price breached the $0.39 weekly support. As a result, the sellers tumbled the GRT coin by 17%, bringing it to the following support of $0.315. The buyers tried several attempts to poke this bottom support; however, the long-rail rejection at this level indicated the buyers were aggressively defending it.
The GRT/USDT technical chart shows the formation of the descending triangle pattern. Furthermore, the recent GRT price jump has breached the pattern’s resistance trendline, indicating a possibility of bullish reversal.
The pattern breakout should encourage buyers to rechallenge the overhead resistance. Over the past three weeks, the coin price has resonated within the $0.39 and $0.317 levels. If buyers succeed in providing a closing above the $0.39 mark, the resulting rally could surge 25%, hitting the $5 psychological level.
Conversely, if sellers revert the altcoin from the $0.39 resistance, the consolidation phase would continue for a few more trading sessions.
Technical Indicator
The GRT buyers have flipped the 20 DMA into possible support. However, the 50 DMA strengthens the defense at the $0.39 mark and encourages sellers to pull the altcoin back to bottom support(0.137).
The Rising RSI(49) slope prepares to cross above the neutral zone(0.00), indicating a positive in traders’ sentiment.
- Resistance levels- $0.39, $0.5
- Support levels are $0.317-$0.3 and $0.236
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