The GRT price trend breaks a resistance trendline, showing signs of a bullish reversal. A potential target is $0.13 if it surpasses the 200-day EMA.
Key Takeaways
- Ending the streak of lower high formations, the GRT price trend breaks above a long-resistance trendline.
- The uptrend reaches the 200-day EMA, teasing a new breakout rally leading to a potential golden crossover.
- With the $0.1128 breakout, the GRT prices can jump higher to the $0.1311 mark.
The Graph (GRT) has witnessed a significant shift in its price trend, potentially signaling a bullish revival. After enduring a series of lower high formations, GRT has finally broken above a long-resistance trendline. This development has injected fresh optimism into the market.
One of the most promising indicators is the uptrend’s approach to the 200-day Exponential Moving Average (EMA). This near convergence teases the possibility of a golden crossover, a technical signal often associated with strong bullish sentiment. If the $0.1128 resistance level is decisively breached, it may pave the way for GRT to surge further towards the $0.1311 mark.
However, GRT’s journey to this point hasn’t been without its challenges. Following an impressive start in early 2023, GRT’s price trend formed a wedge pattern, leading to a sharp decline from $0.20 to $0.076—a staggering 62% drop. This decline also resulted in a death cross, leaving the altcoin in an underperforming state.
But the recent resurgence in buying pressure, fueled in part by Bitcoin’s rise to the $35K barrier, has breathed new life into the Graph coin’s price. Over the past week, GRT’s price has surged by 30%, marking a notable reversal that has broken through key resistance levels. Additionally, the uptrend has crossed above the 50-day EMA, further solidifying the bullish momentum.
Moreover, the price trend has displayed a robust breakout from the falling wedge pattern, suggesting a potential trend reversal. As buying pressure continues to mount, the breakout rally is anticipated to gather steam, potentially leading to significant price gains in the months ahead.
Here's Why GRT Price Has 2x Potential Despite A Supreme Trendline Breakdown in the Graph Price Analysis! – https://t.co/5d1sBT5sOw #CryptoPurity #CryptoNews
— CRYPTOPURITY.COM (@TheCryptopurity) August 24, 2023
As of now, GRT is trading at $0.099, experiencing a minor intraday dip of 1.48%. Despite this slight setback, the overall uptrend remains robust and is poised to challenge the 200-day EMA, hinting at the possibility of an imminent breakout rally.
Technical Indicators
- EMA: With GRT’s price approaching the 200-day EMA, the likelihood of a golden crossover is on the rise, indicating strengthening buying pressure.
- RSI: The daily RSI has surged sharply, entering the overbought zone, underscoring strong demand for the Graph token.
Let’s Review
In light of the growing demand within the crypto market, GRT’s price may continue to benefit from increased buying pressure, potentially driving the cryptocurrency toward the coveted $0.13 mark. Traders on the sidelines might find an entry point if the uptrend successfully breaches the 200-day EMA, potentially allowing them to ride the anticipated bull run.
However, it’s essential to remain cautious of a possible downside scenario. A sharp reversal below $0.10, with a drop below the $0.086 level, could lead to a price correction down to $0.0765. Monitoring key support and resistance levels will be crucial for investors navigating the evolving GRT price landscape.
