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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.
- Oct 26, 2023 07:11 UTC
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GRT Price Analysis: Tables Turn For GRT, Will It Reach $0.13?
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.
Falling for the most part, except for the early 2023 gains, the GRT price trend formed a wedge pattern. Dropping to $0.076 from the height of $0.20, the 62% drop led to a death cross and brought the altcoin closer to the underperforming sections.
However, with the recent resurrection in the buying pressure with Bitcoin touching the $35K barrier, the Graph coin price bounces back stronger than before.
With a sharp rise of 30% over the week, the GRT price trend shows a major reversal to overcome the resistance trendline. Further, the uptrend approaches the psychological mark of $0.10 as it jumps above the 50-day EMA.
Further, the price trend showcases a solid bullish breakout of a falling wedge pattern, teasing a trend reversal. As the buying pressure grows, the breakout rally is set to gain momentum and rise sharply in the coming months.
Currently, the GRT price trades at $0.099 with an intraday fall of 1.48%, losing the bullish dominance at the psychological mark of $0.10. However, the uptrend momentum stays solid and challenges the 200-day EMA, teasing a breakout rally shortly.
Technical Indicators:
EMA: With the GRT price challenging the 200-day EMA, the golden crossover possibility increases as the buying pressure increases.
RSI: The daily RSI shows a sharp spike with the price jump to enter the overbought zone. This reflects a strong demand for the Graph token.
Will The GRT Price Skyrocket to $0.13?
Considering the demand continues to boost in the crypto market, the GRT price will find buying pressure to fuel the breakout rally. If the uptrend rises above the 200-day EMA, the sideline traders will get an entry opportunity to ride the bull run to $0.13.
However, on the flip side, a sharp reversal below $0.10, crossing the $0.086 level, will drop prices to $0.0765.
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