GRT Technical Analysis: Bulls Above $0.35 Rechallenge The EMAs

Key technical points:

Past Performance of GRT

GRT coin price deflates by 30% in the last week by creating an evening star pattern near the resistance trend line resulting in the fallout of 50 and 100-day EMAs. The downtrend finds support at the $0.35 level resulting in a 7% reversal within a day Resulting in an early reversal before reaching the support trendline. 

Source-Tradingview

GRT Technical Analysis 

GRT coin price action shows a bullish piercing candle after the 9% bearish engulfing candle projecting a potential bullish reversal if the price closes above the $0.38 mark. A bullish rally to the 100-day EMA is possible if buyers manage to do so.

The crucial daily EMAs maintain a falling trend in a bearish alignment keeping the act of dynamic resistance. However, the decent bullish reversal challenges the 50 days EMA  and projects the possibility of a breakout.

RSI Indicator: The RSI slope shows a bullish reversal in the nearly oversold zone after a downfall from the overbought boundary. The bullish spike approaches the Halfway mark and strives to enter the nearly overbought zone. 

MACD Indicator:  The fast and slow lines approach the zero line after the negative crossover with an increase in bearish spread. However, the recent fall in the negative histogram increases the chances of a bullish reversal.

In a nutshell, the GRT technical analysis highlights the possibility of a price jump above the 50 days EMA.

Upcoming Trend 

The GRT coin price action presents an excellent buying entry point if the buyers find a closing above the bearish engulfing candle. The bullish breakout can result in a 30% price jump to test the $0.50 mark. However,  closing below the $0.35 mark will result in a downtrend continuation to the support trendline. 

Support Levels: $0.35 and $0.30

Resistance Levels: $0.42 and $0.50