Sustained Bullish Momentum hints GRT may Hit $0.17

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Published 22 mins ago

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.

GRT/USDT ChartSource- 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

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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