- The GRT token chart indicates a bullish crossover of the 20-and-100-day EMA
- The GRT/BTC pair traded at 0.00001566 BTC, with a gain of 0.03%
- The 24-hour trading volume in The GRT token is $173.4 Million, indicating a 36.4% loss
As mentioned in my previous article on Graph, the GRT token tried to break out of the prior swing high of $1.08 resistance. However, the token price experienced intense selling pressure from this resistance, which resulted in a bearish reversal with an evening star candle pattern.
As per the EMA’s, the GRT token is still under a bullish trend, as the token price is trading above the crucial EMAs of 20, 50, 100, and 200. Moreover, the chart also shows a bullish crossover of the 20 and 100 EMA, encouraging more buyers in this coin
The RSI value is 59, indicating a bullish sentiment within the GRT token.
The GRT Token Displays A CUP And Handle Pattern
The GRT token price forms a cup and handle pattern in the 4-hour time frame chart. This pattern has its crucial resistance (neckline) level at the $1.08 mark, and the crypto traders would get a good long trader if the price gives a proper breakout from this resistance level.
However, on October 26th, the price gave a fake-out from this resistance level. Thus, the interested traders should wait for a proper breakout and sustainability above this level before taking a new long position in this coin.
The nearest resistance level for GRT price is at $1, followed by the $1.08 mark. In case the GRT price drops below from the In case the GRT price drops below from the $0 928 support, the next nearest support for the token will be at $0.87
Conclusion: From a technical perspective, the GRT token indicates the overall trend is still bullish. And even though the price was rejected from the 08 resistance, the bullish pattern in the lower time frame still provides a ray of hope for the long traders. Thus, If the token price manages to breach the $1.08, these traders can expect the price to continue an uptrend.
Support: $0.77
Resistance: $1