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Vikram
May 3, 2022
by Vikram

GRT Technical Analysis: Trend Traps Buyers As $0.30 Weakens

GRT
GRT prices show a higher price rejection in the daily candle, projecting a rise in the underlying selling pressure. Will sellers retake the $0.30 support level?

Key technical points:

  • GRT prices show a sideways trend above the $0.30 mark.

  • The MACD indicator shows a bearish trend continuation below the zero line.

  • The 24-hour trading volume of Graph is $136 Million, marking a 5.5% rise. 

    • Past Performance of GRT

    GRT prices show a consolidation range above the $0.30 support level after facing rejection at the 50-day EMA. However, looking at the broader picture, the bearish started after facing rejection at the descending resistance trendline resulting in the formation of a falling channel. 

    TradingView Chart

    GRT Technical Analysis 

    The higher price rejection evident in the daily candle projects a much more likelihood of a bearish continuation in GRT prices below the $0.30 support level. Hence, traders can find a selling opportunity shortly. 

    The crucial daily EMAs maintain a falling trend in a bearish alignment with increasing spread among the lines. Moreover, the price falling under all the EMAs reshape the lines as resistance levels. 

    The RSI slope shows a sideways trend in the nearly oversold territory under the 14-day average line influence. Hence,  the bearish impact on the RSI slope is evident and reflects a potential fall to the oversold zone.

    The MACD and signal lines are gaining a bearish spread after diverging from the recent merger in the negative territory. Furthermore, the restarting negative histograms reflect a surge in selling pressure.  

    In short, the GRT technical analysis forecasts a high likelihood of downtrend continuation below the psychological mark of $0.30.

    Upcoming Trend 

    Below $0.30, GRT buyers will struggle to halt the fallout rally below reaching the $0.25 mark, accounting for 16% deflation. Therefore, sellers can find a sweet 16% ride if the prices close under the $0.30 mark. 

    Resistance Levels: $0.35 and $0.38

    Support Levels: $0.30 and $0.25

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    The Graph GRT
    GRT Technical Analysis: Trend Traps Buyers As $0.30 Weakens
    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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