GRT Technical Analysis: The Price Is Almost At The Bottom
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In the weekly timeframe, we see an increase in trading volumes during the five weeks from 25 April 2021. The increase in investor interest occurred after sellers broke the mark of $0.31. So far, starting in February 2021, the GRT price has fallen in low volumes. However, the increase in trading volumes is not yet clear on the weekly timeframe. Therefore, to predict a rebound in the coin price above $0.31 is still unwise.
Another positive factor for buyers is the GRT price stop near the bottom trend line of the fall channel. Yes, sellers managed to lower the price below this trend. However, the aggressiveness of the fall dropped significantly after 9 May. Thus, we expect the end of the fall wave from April 2022 and the beginning of the reversal of the GRT market.
GRT Technical Analysis On The Daily Timeframe
Analyzing the movement of the GRT price on the daily timeframe, you can see the importance of the local liquidity zone of $0.13. In this range, buyers managed to significantly slow down panic sales in the GRT market during 11-12 May. The GRT price is currently trading above this range. But, when Bitcoin tries to continue its exciting downward trend, the liquidity zone of the cryptocurrency at $0.13 must resist. In this case, we will expect the formation of a large consolidation triangle, in which buyers will accumulate long positions and prepare the market for growth. Losing the $0.13 mark from under the control of buyers will mean a continuation of the downward trend and even the possibility of accelerating the collapse. Though, at the moment this is our alternative scenario.
The GRTBTC Price Has The Prospect Of Continuing To Fall
The weekly timeframe of the GRTBTC price movement shows the absence of any signals to reverse the trend. No increased trading volumes, no aggressive candles from buyers, no slowdown. Nothing. But there is a clear mark of 0.000004, near which is the global trend line of the falling channel. In the event of the BTC price fall to 20,000, we expect the GRTBTC price to fall by another 20%.