COIN DEAD - Daily Crypto News logo COIN DEAD - Daily Crypto News logo
#
Cryptoknowmics 2022-08-09 05:56:05

GRT Technical Analysis: GRT Prices Within Wedge Teases Bullish Launch

GRT price trend remains trapped within a rising wedge pattern, but the recent bull cycle teases an upside breakout to reach $0.20. Key Technical Points: The Graph (GRT) price jumped 16% last day from the $0.12 support level, teasing a bullish breakout. The bull cycle challenges the resistance trendline after the 100-day SMA breakout. With a market cap of $1.032 billion, the intraday trading volume of The Graph has increased by 380% to reach $221 million. Past Performance of GRT As we mentioned in our previous article, the GRT price action maintains a rising trend after the bullish reversal from the $0.086 mark, accounting for a 72% jump over the last month. The bull run exceeds the 50 and 100-day SMAs and reaches the psychological mark of $0.15. Moreover, the price trend inchoates a rising wedge pattern in the daily chart, and the recent bull cycle challenges the resistance trendline. Source – Tradingview GRT Technical Analysis Currently, the GRT price action displays a bullish engulfing candle with a 16% jump, but the wick formation shows an increased supply at the resistance trendline. Hence, traders should wait for a price action confirmation to avoid getting trapped in a bearish downfall. As The Graph market price beats the 100-day SMA, the increased bullish influence results in a lateral shift in the 50-day SMA. Moreover, a spike in intraday trading volume supports the bullish candle and increases the possibility of an up...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.