Published 54 mins ago
On July 16th, the Graph (GRT) price pierced a two-month-long resistance trendline, hoping to kickstart a new recovery run. The post-retest rally has surged the altcoin by 13.57% on the intraday level and breached the $0.105 resistance. Can the accelerated bullish momentum push the coin price above the $0.1175 barrier?
Key points:
- The $0.105 breakout bolsters buyers to drive the GRT price to $0.132
- The MACD indicator’s slopes may soon enter the bullish territory
- The intraday trading volume in the GRT is $85.9 Million, indicating a 109.5% gain.
Source- Tradingview
The GRT/USDT pair lowered in response to a descending resistance trendline during the past two months. However, this altcoin faced intense demand pressure from the $0.875 support, preventing any further downfall in price.
Since last month, the GRT price has thrice reverted from the $0.875 support, validating it as an important accumulation phase. Thus, the replenished bullish initiates a new recovery rally on July 13th as a bullish engulfing candle jumped from the mentioned support.
The resulting rally surged the GRT price 28% higher to hit its current price of $0.115. Amid this recovery, the buyers breached the downsloping trendline, offering an early sign of recovery.
Furthermore, with a 108% jump in trading volume, the GRT price shows a massive breakout from the immediate resistance level of $0.105. A daily candlestick closing above this level would provide a stable footing for buyers to lead this bull run ahead.
Thus, the post-breakout rally should propel the coin price 18.5% higher to the $0.13 mark.
Technical indicator
EMA: with today’s jump, the GRT buyers sliced through the dynamic resistance of the 20-day EMA. Furthermore, this breached resistance may flip to viable support for any occasion pullback in ongoing recovery.
MACD indicator: the indicator chart shows a mirror image of the falling price action, registering a constant rally from fast and slow lines. This evident bullish divergence indicates growth in underlying bullish momentum and bolsters the upcoming recovery.
- Resistance levels- $0.1175, and $0.132
- Support levels are $0.105 and $0.0875
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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