Published 2 hours ago
The GRT price correction fall breakdown from the $1.17 support will most likely offset the July-August recovery. The post-breakout retest shows reduced volume activity indicating weakness in bullish commitment. Will the $0.117 resistance resume the prevailing correction?
Key points from GRT analysis:
- The 0.789 FIB level supported the current relief rally
- The 20-day EMA dynamic support flipped to a possible resistance
- The intraday trading volume in the Graph is $167.1 Billion, indicating a 255.8% gain
The GRT price bearish reversal from the $0.15 resistance accentuates a range-bound rally. Furthermore, the recent sell-off in the crypto market and the US Fed suggesting a 0.75% interest rate hike in September accelerated the bearish momentum in GRT.
Thus, the V-shaped reversal showcased eight consecutive red candles, registering a 33.55 loss. Furthermore, this drastic fall lastly breached a support level of $0.117, indicating the sellers are aiming for another leg down.
The GRT price reversed midway from the $0.1 psychological support and triggered a minor relief rally. Furthermore, the bullish pullback displayed five consecutive green candles, which accounted for a 20% jump and pushed the GRT price to the $ 0.119 mark.
However, the low volume relief rally indicates a lack of buyers’ interest in the market. Thus, the GRT price shows a good chance of reverting from this resistance.
Furthermore, the resulting downfall may plunge the GRT price 25 down to retest the June-July bottom support of $0.0875.
On a contrary note, if the coin price manages to break the $0.117 mark, the buyers may get an opportunity to surpass the $0.134 and $1.5 resistance.
Vortex indicator: the wide gap between the bearishly aligned VI+ and V- slope indicate aggressive selling in the market.
EMAs: the 20-and-100-day EMAs accentuate the resistance capability of some horizontal chart levels. The 20 EMA aligned with the $0.177 mark encourages the resistance mentioned above. Moreover, 100 EMA moving near the $0.15 mark would assist in extending the range-bound rally.
- Resistance levels- $0.117, and $0.021
- Support levels are $0.134 and $0.115
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.