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.
Credit: Source link