- GRT token price consolidates over a strong support level after falling in a downtrend.
- The coin is trading below Significant EMAs projecting the downtrend in GRT coin price.
- The pair of GRT/BTC is trading at 0.00001784 BTC with an intraday growth of 10.74%.
The Graph coin price has been falling from the $2.3 level, and breaching many key support levels like $2.0, $1.66, and $0.97 in the downtrend. The coin price is resting slightly above the $0.48 mark.
The coin price has failed to rise above the 50 daily EMA since the start of the downtrend. Furthermore, the intraday trading volume of the coin has risen above the 20 MA projecting a rise in buying volume.
Presently, the Graph coin price is $0.6199 with an intraday growth of +13.58% in the market cap. The intraday trading volume of the has risen more than 120% in the past 24 hours.
Downfall Persists in GRT Coin Price, Bulls Not So Powerful Afterall
Source – tradingview
The GRT coin price has been moving in a downtrend after facing rejection in February. The coin price has been trailing below the 200 EMA since the death cross projecting no scope for a bullish reversal.
The resistance trendline of the downtrend has managed to keep the price from rising higher and increasing the underlying bearishness notably. Investors may find the breakout of the trendline as an excellent point of entry to avoid the risk of bearish overturn.
The coin price may find resistance near the $0.97 and $1.66 in case the price breaks above the resistance trendline. However, if the price falls below the $0.48 mark, the level of $0.25 may help the bulls to halt the downtrend.
The EMAs are sloping down in a bearish alignment projecting a strong downtrend that may prove itself as an formidable enemy for the bulls to overcome.
The relative strength indicator projects a growth in underlying bullish sentiments as the RSI line spikes higher after trailing slightly above the oversold zone.
The ADX indicator indicates a rise in trend momentum as the coin price has risen 13% in the past few sessions.
Conclusion – The GRT coin price showcased an excellent growth in past few sessions but the entry point for safe investors is still a long way ahead. The breakout of the correction trendline might more beneficial and safe entry point as the chances of a bearish overturn declines notably.
Support – $0.25
Resistance – $0.97