NewsletterGRT Price Analysis: Sustained Bullish Momentum hints GRT may Hit $0.17
While the majority of cryptocurrencies showcased a significant recovery in July until yesterday, the GRT/USDT pair seemed to be struggling in uncertainty as the price traded below $0.117. Thus, with the recent breakout, the technical chart shows a recovery opportunity for holders
Key points:
- Steady growth in volume activity indicates a better possibility of GRT price sustaining above $0.117
- Post-retest rally from the $0.117 breakout provides a 37.5% growth opportunity
- The bullish thesis will be invalidated if the sellers pull a daily candle closing below the $0.117 support level.
Source- Tradingview
On July 27th, the crypto market reacted quite positively to the recent interest hike from the US Fed. Thus, the GRT price showed a massive jump from the bottom support zone with a morning star candle pattern.
Furthermore, the bullish momentum persists, and today with an early 22% gain the breached the $0.117 and $0.132 resistance in one strike. However, the GRT price currently trades at the $0.126 mark, but the long-wick rejection attached to the daily candle indicates profit booking from short-term traders.
Anyhow, to keep the bullish sentiment intact, altcoin needs a daily candle closing above the $0.132 or $0.117 . This breached resistance could flip into suitable footing for buyers to continue this bull run higher.
Thus, the potential rally may drive the GRT price 37.5% higher to the $0.17 barrier.
On a contrary note, if the GRT price fails to sustain above the $0.117 support, a resulting breakdown will replenish the selling pressure and pull the price to the $0.0921 mark.
Technical indicator
RSI indicator: following a bullish divergence throughout the consolidation phase, the daily-RSI slope climbing higher in bullish territory bolsters the breakout theory.
EMAs: In the recent price jump, the recently breached 50-day EMA, situated at the $0.117 mark, would assist buyers in sustaining through the expected retest phase. Moreover, the 100-day EMA moving around the $0.17 mark accentuates a potential target.
- Resistance levels- $0.117, and $0.092
- Support levels are $0.132 and $0.17
- XRP Market Supply Plummets Amid Expanding Institutional Demand
- Cathie Wood Predicts Crypto Market Recovery as Liquidity Squeeze Ends
- Pi Network Boosts Utility With Major Partnership With CiDi Games, Expert Calls it “ Real Progress”
- Breaking: Bitwise Prepares to Launch its Avalanche ETF, Reveals Ticker and Fees
- Bitcoin Price Reclaims $91k as JP Morgan Predicts December Fed Rate Cut
- Binance Coin Price Faces Steep Risk as Key BSC Metric Crashes 75%
- Zcash Price Prediction — Is a Rally Ahead After Grayscale’s Bold ZEC ETF Bid?
- Ethereum Price Rallies Above $3,000 Ahead of Fusaka Upgrade: What to Expect?
- MON Price Prediction: Why Monad Could Be Heading Toward $0.10
- Will Hype Price Hit $50 as Whales Buy Ahead of the $314M Unlock?
- Is Bitcoin Price at Risk of Crash as Treasury Companies Plan Fire Sale?
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.
Premium Partners
