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Vikram
Oct 14, 2022
by Vikram

GRT Technical Analysis: Bull Cycle Starting $0.082 Increase Hope 

GRT Technical Analysis
The GRT technical analysis shows a long-term bearish trend ready to reverse from the $0.80 support level to start a bull cycle within descending triangle.

The GRT price action displays a long-term bear trend under the influence of a declining trendline in the daily chart. However, the recent stability in the market conditions projects a possible bullish reversal from the $0.082 support level to challenge the resistance trendline. So, is this a perfect buying opportunity in the Graph?

Key Points:

  • The Graph price action shows a highly influential bearish trendline.  

  • The reversal at $0.082 signals the start of a new bull cycle. 

  • The intraday trading volume in the Graph is $38.35 Million.

    • GRT Price Chart

    GRT Technical Analysis

    The GRT price action maintains a declining trend after the bearish breakout of the $0.20 support level generating an effective resistance trendline. Additionally, the Graph price action projects a descending triangle with a base at $0.082. 

    The 100-day EMA moves along with the resistance trendline, with a declining trend in the 50-day EMA projecting a solid underlying bearishness. Yesterday the price action formed a long-tail candle from $0.082, teasing a reversal rally. 

    However, the daily candle currently shows no signs of bullish follow-through, increasing the doubts among buyers.

    If the buying pressure sustains, the Graph prices will reach the resistance trendline close to the psychological mark of $0.10. Conversely, the bullish failure to start the bull cycle will inevitably break the $0.082 support level, leading to a 10% fall in the GRT market price. 

    Technical Indicator 

    The RSI slope projects a declining trend, but the recent reversal in the nearly oversold zone reflects an increase in underlying bullishness. Moreover, as the bearish histograms decline, the MACD and signal lines tease a bullish crossover.  

    Therefore, the technical indicators highlight a reversal possibility in the Graph as the market recovers. As a result, the GRT technical analysis signals a buying opportunity at the current market price.

    Resistance levels- $0.10 and $0.12

    Support levels-  $0.082 and $0.070

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    GRT Technical Analysis: Bull Cycle Starting $0.082 Increase Hope 
    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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