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Today, the Graph(GRT) coin is among the big gainers of the top 100 list of coinmarketcap, reflecting a 21.2% intraday pump. This massive gain has bolstered the buyers to breach the $0.135 neckline resistance of the cup and handle pattern. Under the pattern influence, the altcoin may rise to $0.18, but what will carry its further recovery?
Key points:
- The rounding bottom pattern governs the GRT price action
- The 100-day EMA near $0.17 resistance puts an additional barrier against buyers
- The intraday trading volume in the Graph is $167.1 Billion, indicating a 255.8% gain
Source- Tradingview
The past two-month consolidation in GRT/USDT pair revealed the formation of the cup and handle pattern with its neckline at $0.135. Today, altcoin experienced a significant inflow which triggered a massive breakout from the neckline resistance.
Today, the GRT price shows a 21.2% jump and is currently trading at $0.15. Furthermore, with the daily candlestick closing above the $0.135 resistance, the buyers may obtain a significant support to lead the further bull charge.
In theory, this bullish reversal shows the post-breakout rally should travel the same distance as the bottom support to the neckline. Moreover, the expected retest may give an entry opportunity for potential buyers and lead the prices to 35% higher to hit the $0.182 mark.
Moreover, this recovery rally may pierce the $0.17 resistance, accelerating the bullish momentum for more gains.
In addition, the bigger picture shows the altcoin is following a rounding bottom pattern which accentuates the recovery rally will reach $0.21.
While things are favorable for Graph (GRT) buyers, if the altcoin can’t sustain above $0.135 during the retest phase, the prices may plunge below the $0.115 support and invalidate the bullish thesis.
Technical indicator
OBV indicator: Along with the $0.135 breakout, the rising OBV indicator has surpassed its prior swing high, accentuating the buyers’ confidence in this breakout.
EMAs: the 20-and-50-day EMA bends upward, indicating an early sign of trend reversal. Moreover, these slopes nearing a bullish crossover would bring more buying orders to the market.
- Resistance levels- $0.117, and $0.021
- Support levels are $0.134 and $0.115
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