GRT Price Analysis

The post GRT Price Runs For $0.20 With A Golden Cross & Breakout! appeared first on Coinpedia Fintech News

Following the pullback due to the mystery announcement of a new roadmap on November 7th, the Graph token takes a short breather phase. The GRT price consolidates between $0.12-$0.14 and retests the bullish break. 

Moreover, with Bitcoin clinging tight to the $37K mark, the altcoins are ready to challenge any incoming supply wave. 

Source- Tradingview

The sensational rise in the intraday trading volume supporting the GRT price trend during the wedge breakout rolls on a declining slope in the ongoing pullback. The declining volume paints a picture of sellers failing to gain traction and buyers successfully absorbing the incoming supply.

To slow down the selling spree, the Graph buyers lead the price trend to a consolidation phase near the 50% Fibonacci level, between $0.12-0.14. The generous demand at the lower levels drives a 7.76% jump last night and forms a double bottom pattern.

Currently, the GRT price trades at $0.1375 and teases a bullish trend continuation to give the double-bottom breakout. Moreover, with the trend sustaining above the 50% Fibonacci level, the chances of an uptrend increase significantly.

Technical Indicators:

EMA: The daily chart’s golden crossover signifies a pivotal moment of bullish trend reversal, teasing an uptrend to the $0.20 mark.

RSI indicator: The daily RSI line showcases a bullish hold above the halfway line and reflects a spike in underlying demand.

Will The GRT Price Skyrocket to $0.20?

With the buyers regaining trend control and ready to conclude the pullback phase, the GRT price is ready to skyrocket. Teasing a double bottom reversal rally, the Graph token breakout rally can surpass the psychological mark of $0.20.

Moreover, with the new roadmap and the golden crossover, the sentiments around the Graph token are improving steadily. Following the $0.20 breakout, the token price can reach the $0.25 mark.

Conversely, a reversal under $0.12 can drop the Graph token market value to the $0.1128 mark.

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