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Sohrab Khawas
Sohrab Khawas
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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 19, 2024 09:53 UTC
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GRT Price Breaks $0.20: Will It Hit $0.3292 After Wedge Breakout?
The GRT price has broken out of a falling wedge pattern, reclaiming the $0.20 mark and surpassing the 200-day EMA.
A bullish engulfing candle formed after a 13.74% surge indicates strong momentum, with the current retest phase near the 23.60% Fibonacci level.
Key upside targets include $0.2521, $0.290, and $0.3292, with support at $0.18 and $0.17 if the retest fails.
With a falling wedge breakout setting a trend reversal rally, the GRT price trend reclaims the $0.20 psychological mark. As the broader market is on the verge of a next high momentum bullish phase, GRT price trend prepares for a moonshot rally.
However, with the ongoing recovery, the Graph coin price nears a crossroads. Will this retest result in a bounce-back rally crossing $0.30?
Graph (GRT) Price Analysis
In the daily chart, the GRT price action shows a falling wedge breakout rally gaining momentum. The recovery rally started at $0.1274 and has now surpassed the $0.20 mark. Currently, it is trading at $0.2106 with an intraday pullback of 3.48%.
However, the recovery rally surpassing the overhead resistance trendline has also crossed above the 200-day exponential moving average line. This marks a change of character in the GRT price trend.
Furthermore, the 23.60% Fibonacci level breakout sets a trend reversal tone in GRT price trend. Following the 13.74% jump last night creating a bullish engulfing candle, the GRT price action shows a retest phase of the 23.60% Fibonacci level.
The bull run is likely to continue with a post-retest reversal heading to challenge the immediate resistance of $0.2521. This price target is derived from the 38.20% Fibonacci level.
Technical Indicators:
EMA: Amid the recovery rally gaining momentum, the 50-day EMA will give a positive crossover with the 100-day EMA. This crossover increases the possibility of a golden crossover in the daily chart.
MACD indicator: The MACD and signal lines sustain a gradual bullish trend with gradual positive histograms.
Will The GRT Price Skyrocket to $0.30?
Using the Fibonacci retracement tool, the uptrend is likely to challenge the 50% or 61.80% Fibonacci level by the end of the month. These Fibonacci levels are situated at $0.290 and $0.3292. Conversely, a failed retest could result in a drop to $0.18 or the 200-day EMA or the $0.17 near the 50-day EMA.
Will the bullish trend in Graph result in a price jump to $1? Find out the revised bull run price targets in Coinpedia’s latest GRT price prediction for 2024-2030.
FAQs
The Graph (GRT) is currently trading at $0.2106, with a 3.48% intraday pullback after surpassing the $0.20 mark.
The next immediate resistance is at $0.2521 (38.20% Fibonacci level), with higher targets at $0.290 (50% Fibonacci level) and $0.3292 (61.80% Fibonacci level).
The 50-day EMA is about to cross above the 100-day EMA, signaling a potential golden crossover, supported by a sustained bullish MACD trend.
Yes 
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