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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 04, 2023 07:03 UTC
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GRT Price Analysis: Is The GRT Breakout Rally Low On Fuel?
Continuing the bull run above the 200-day EMA, the GRT price shoots past the $0.1128 mark.
With a 5.62% growth overnight, the GRT price trend teases a jump to $0.15.
Concluding a 66% pullback, the GRT price trend showcases a bullish reversal to restart the prevailing uptrend seen in early 2023. With a double bottom reversal from $0.076, the graph coin price gives the falling wedge breakout and reclaims crucial average lines.
Further, with the altcoin price rising above the psychological mark, $0.10 increases the likelihood of a prolonged uptrend.
Rising with the high-speed breakout rally, the GRT price finds a spike in trading volume, supporting the bullish journey. Moreover, with the market-wide fueling the increased demand, the Graph coin price exceeds the 200-day EMA.
Moreover, the 200-day EMA breakout rally overcomes the supply pressure at the 61.80% Fibonacci level. With a diagonally uptrend move and increased volumes, the GRT price skyrockets and continues to reach the 50% Fibonacci level.
Currently trading at $0.1159 with an intraday growth of 1.22%, the altcoin price shows a bullish continuation above $0.1128. Moreover, the lower price rejection in the recent 5.62% jump overnight signals a strong demand at lower levels.
Technical Indicators:
EMA: The bullish trend continuation in the 50-day EMA showcases a high possibility of a golden crossover in the GRT price chart.
MACD indicator: The MACD and signal lines are moving close as the bullish gap declines, teasing a crossover event. However, a bullish trend above $0.1128 teases a positive recovery in the momentum indicator.
Will The GRT Price Skyrocket to $0.15?
As the market recovery takes a pause, the altcoin recovery is driving low on fuel and may struggle continuation if the broader market collapses. Nevertheless, the trend reversal in GRT price hints at a bull run to the $0.15 mark, close to the 38.20% Fibonacci level. However, a resistance at the 50% Fibonacci level at $0.1311 is possible.
On the flip side, a reversal under $0.1128 can plunge the market value to the $0.10 mark.
Yes 
No 
