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Vikram
Apr 26, 2022
by Vikram

GRT Technical Analysis: 50-Day EMA Kicks Another Bullish Attempt Down

GRT
The gradual jump in buying activity reflects a high momentum breakout but fails to surpass the 50-day EMA. Will the GRT coin price succumb under $0.36?

Key technical points:

  • GRT price shows a higher price rejection from the 50-day EMA. 

  • The MACD indicator shows a potential bullish crossover. 

  • The 24-hour trading volume of The Graph is $381 Million, marking a 150% rise. 

    • Past Performance of GRT

    After the bloodbath in January plunged the GRT price to below the $0.52 mark, buyers struggled to break through this barrier for the last three months. The recent reverse of the $0.52 mark lowered the prices by 33% and reached the $0.35 level. But, over the next two weeks, the price has remained close to the support level.

    TradingView Chart

    GRT Technical Analysis 

    GRT price showcases a sideways movement near the $0.36 level over the past two weeks, struggling to surpass the 50-day EMA. However, today's sudden increase in buying pressure reached the 50-day EMA but failed to sustain at higher levels. 

    The significant gap between the bearish aligned EMAs reflects a solid underlying bearishness that keeps the bullish growth under check. 

    MACD Indicator: The failed bullish spike brought a bullish crossover of the MACD and signal lines in the negative territory. 

    RSI Indicator:  The sideways trend in the nearly oversold zone shows a gradual rise to reach the halfway mark after surpassing the 14-day average. 

    Hence, the technical indicators display a rise in the underlying bullishness.

    In a nutshell, the GRT technical analysis forecasts a potential uptrend despite a higher price rejection from the 50-day EMA. 

    Upcoming Trend 

    If buyers manage to regain trend control to undermine the higher price rejection, closing above the 50-day EMA will be an excellent entry point. The EMA breakout rally might reach the $0.45 mark accounting for a 10% jump.

    However, a failure to close above the 50-day EMA, the higher price rejection will drive the trend under $0.35.

    Resistance Levels: $0.35 and $0.30

    Support Levels: $0.36 and $0.45

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    The Graph GRT
    GRT Technical Analysis: 50-Day EMA Kicks Another Bullish Attempt Down
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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