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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.
- May 20, 2024 10:23 UTC
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GRT Price Retest Phase Aims A Bull Run To $0.50
GRT price trend shows a bullish trend that is ready to burst with a retest phase.
The bull cycle reclaims the 23.60% Fibonacci retracement in the weekly chart.
With the post-retest surge, the bull run could surge to the $0.50 mark.
As the Bitcoin price stagnates close to the $66K mark, the altcoins are on the verge of massive moves. Amidst such tokens, the GRT price shows a post-retest rally ready to spring into action and surpass multiple resistances.
With the Bitcoin price ready to hit the $70K mark this week, will the altcoins siphon market momentum for a bull run? Will the post-retest rally with unleashed momentum surpass the psychological mark of 50 cents? For a long-term analysis, check out our GRT price prediction.
Triangle Breakout In Graph Gains Traction
With the GRT price surpassing the overhead trendline, the daily chart shows a triangle breakout. This intrigues the sideline traders into a breakout entry opportunity, with an extended uptrend possibility.
As the daily chart shows the triangle breakout, the GRT price surpasses the 50% Fibonacci level. Further, the recent dump over the weekends retests the bullish breakout.
Currently, the altcoin trades at $0.3116 with an intraday gain of 3.83% which undermines the fall on Sunday. Further, this marks a post-retest reversal in the Graph token. Hence, the chances of a bull run in this token are higher.
Technical Indicator:
DMI: The VI lines are getting closer, warning of a bearish uprising. However, the ADX line teases a bullish turnaround.
RSI: The daily RSI line shows a bullish trend approaching the oversold zone. This reflects an undermine increase in demand for the token.
Will The GRT Price Reach $0.50?
With the overhead trendline breakout rally gaining momentum with a successful retest in the daily chart, the GRT price is hinting at a extended rally. Based on Fibonacci retracement levels, if the altcoin surpasses the 50% level, it could potentially reach the previous swing high of $0.45. If the bullish momentum continues, it may further advance towards the significant psychological barrier of $0.50.
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