GRT has been dropping below the descending resistance line since November 2021. The downtrend brought GRT’s price to $0.089 in June 2022.
However, soon after, GRT bounced back and broke out of the resistance line. At the time of the breakout, the resistance line had existed for 223 days. Through breaking out, it did not initiate any strong upward movement and is still moving sideways near the $0.1 level.
The nearest resistance level is at $0.36. This is the horizontal resistance zone that previously acted as support. If GRT successfully surpasses this level, the next level will be at $0.54, created by the 0.382 Fib retracement resistance level.
Signs of a bullish trend
In the daily price chart, there are many signs showing that GRT is about to start a significant upward movement. All of which come from the RSI.
RSI has created a bullish divergence in the past 2 months (green line). At the same time, the indicator has now moved above 50 (green symbol). In that way, it also completed a swing high pattern, which further increases the legitimacy of the bullish divergence. So it is possible that a strong uptrend will soon start.
GRT short-term movemnet
Cryptocurrency trader @isli_Stallard suggested that GRT price could rise to $0.27.
The six-hour chart also provides a bullish outlook. GRT price has broken out of a descending wedge, which is considered a bullish pattern. A breakout from this pattern is the most common scenario. Furthermore, RSI has moved above 50, which also indicates a sign of upward movement.
However, there is a minor resistance at $0.125 prior to the $0.27 area outlined in the @isli_Stallard tweet.
(Reference: BeInCrypto)
Disclaimer: This article is for reference purposes only, not investment advice.
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