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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 13, 2024 09:29 UTC
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GRT Price Within Triangle Teases Breakout Run To $0.45
GRT price trend shows a symmetrical triangle pattern in the daily chart.
The bull cycle within the triangle could result in a breakout run this week.
With the rising demand, the breakout run could hit the $0.45 mark.
As Bitcoin makes a bullish comeback this week, with an intraday jump of 2.44%, the altcoins market is ready for a reversal. Amidst the rising coins, the GRT price trend shows an intraday rise, teasing a bull cycle for a breakout run.
With the underlying demand rising, the anticipation for a bull run in the Graph token price is also increasing. Will the growing demand result in a jump beyond the psychological mark of 50 cents? Check out our GRT price prediction for a long-term analysis.
Triangle Breakout Chances Grow For Graph
With a bullish bounce back from a long-coming support trendline, the GRT price sustains the higher low formation. However, the overhead supply driving the pullback leads to a resistance trendline.
As the two trendlines converge, the daily price chart shows a triangle pattern formation. Currently, the altcoin price trend shows a lower price rejection in the pullback cycle, teasing an uptrend to the resistance trendline.
Currently, the GRT price trades at $0.2859, with an intraday move of 2.42% projecting a high likelihood of an uptrend. As the broader market finally gains momentum, the altcoin could shortly give a breakout rally.
Technical Indicator:
MACD: The bullish rise in the MACD and signal line faces opposition, resulting in convergence. As this threatens a crossover, the bullish reversal could reset the uptrend.
RSI: The daily RSI line shows a rising trend sustaining above the halfway line.
Will The GRT Price Reach $0.50?
With the overhead trendline under stress in the daily chart, the GRT price is hinting at a breakout rally. Further, the 16% jump in trading volume supports the breakout possibility.
As per the Fibonacci levels, a bull run above the 50% Fibonacci level could reach the previous swing high at $0.45. If the bullish momentum sustains, the altcoin could reach the psychological mark of $0.50.
Also Check Out : Is This A Crucial Time To Stack Artificial Intelligence (AI) Tokens As They Stumble Again?
Yes 
No 
