Advertise
Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 20, 2023 05:27 UTC
-
GRT Price Runs For $0.20 With A Golden Cross & Breakout!
With the 7.79% overnight jump, the GRT price trend teases spark to initiate the second burner of a bull run.
The prevailing uptrend leads to a golden crossover in the Graph token price chart.
A double bottom reversal teases an uptrend continuation in GRT price to $0.20.
Following the pullback due to the mystery announcement of a new roadmap on November 7th, the Graph token takes a short breather phase. The GRT price consolidates between $0.12-$0.14 and retests the bullish break.
Moreover, with Bitcoin clinging tight to the $37K mark, the altcoins are ready to challenge any incoming supply wave.
Source- Tradingview
The sensational rise in the intraday trading volume supporting the GRT price trend during the wedge breakout rolls on a declining slope in the ongoing pullback. The declining volume paints a picture of sellers failing to gain traction and buyers successfully absorbing the incoming supply.
To slow down the selling spree, the Graph buyers lead the price trend to a consolidation phase near the 50% Fibonacci level, between $0.12-0.14. The generous demand at the lower levels drives a 7.76% jump last night and forms a double bottom pattern.
Currently, the GRT price trades at $0.1375 and teases a bullish trend continuation to give the double-bottom breakout. Moreover, with the trend sustaining above the 50% Fibonacci level, the chances of an uptrend increase significantly.
Technical Indicators:
EMA: The daily chart’s golden crossover signifies a pivotal moment of bullish trend reversal, teasing an uptrend to the $0.20 mark.
RSI indicator: The daily RSI line showcases a bullish hold above the halfway line and reflects a spike in underlying demand.
Will The GRT Price Skyrocket to $0.20?
With the buyers regaining trend control and ready to conclude the pullback phase, the GRT price is ready to skyrocket. Teasing a double bottom reversal rally, the Graph token breakout rally can surpass the psychological mark of $0.20.
Moreover, with the new roadmap and the golden crossover, the sentiments around the Graph token are improving steadily. Following the $0.20 breakout, the token price can reach the $0.25 mark.
Conversely, a reversal under $0.12 can drop the Graph token market value to the $0.1128 mark.
Yes 
No 
