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GRT Technical Analysis: Bullish Attempts Fail To Break Bearish Trendline


cryptoknowmics.com 02 June 2022 05:12, UTC
Reading time: ~2 m

GRT price shows a failed trendline breakout attempt as the price action forms an evening star pattern. Will the reversal break under the support of $0.10? Key technical points:

  • The GRT market value decreased by 3.40% in the last 24 hours.
  • Price action shows a reversal from the resistance trendline.
  • The 24-hour trading volume of The Graph is $109 Million, indicating a hike of 43%.

Past Performance of GRT

The GRT buyers' failed attempt to surpass the $0.52 neckline triggered a new correction rally that created havoc among buyers. The decline breaks below $0.20 and reaches the support level at $0.12 while destroying more than 70% of market value in just two months. However, the bullish support of $0.12 stalls the downward trend, leading to a consolidation to challenge the bearish trendline. TradingView Chart Source- Tradingview

GRT Technical Analysis 

The trendline challenge is after the second dip of $0.12, indicating the traders accumulating at a lower price. The bullish reversal rally is likely to be a victim of failure in the breakout. It is evident as the price action displays an evening star, forming at the resistance trendline. The Daily Moving Averages - 20 100, 200 continue to fall in the daily chart, as prices fail to sustain above the 20 DMA resulting in a negative retracement. The RSI indicator shows the slope before it resumes to find support near the fourteen-day SMA. In addition, the MACD indicator displays an increasing trend in histograms that loses the intensity. However, MACD and signal lines maintain the upward trend in the positive zone. In a nutshell, GRT technical analysis indicates a high probability of a bearish reverse to test $0.12.

Upcoming Trend

The GRT traders should expect the negative retracement to surpass $0.12 and then reach the psychological threshold of $0.10. On the other hand, the unlikely trendline breakout will trigger an uptrend that could reach $0.20. Resistance Levels: $0.78 and $1 Support Levels: $0.59 and $0.50  

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