High Volume Reversal may Drive GRT to $0.15

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Published 21 mins ago

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.

GRT/USDT ChartSource- 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

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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