U.S. markets closed
  • S&P Futures

    4,164.25
    +4.25 (+0.10%)
     
  • Dow Futures

    34,155.00
    +37.00 (+0.11%)
     
  • Nasdaq Futures

    13,516.25
    +25.25 (+0.19%)
     
  • Russell 2000 Futures

    2,241.00
    +4.40 (+0.20%)
     
  • Crude Oil

    65.50
    -0.13 (-0.20%)
     
  • Gold

    1,785.10
    +0.80 (+0.04%)
     
  • Silver

    26.40
    -0.13 (-0.48%)
     
  • EUR/USD

    1.2009
    0.0000 (-0.00%)
     
  • 10-Yr Bond

    1.5840
    -0.0080 (-0.50%)
     
  • Vix

    19.15
    -0.33 (-1.69%)
     
  • GBP/USD

    1.3906
    -0.0002 (-0.01%)
     
  • USD/JPY

    109.3420
    +0.1530 (+0.14%)
     
  • BTC-USD

    56,696.90
    +1,695.31 (+3.08%)
     
  • CMC Crypto 200

    1,455.03
    +49.73 (+3.54%)
     
  • FTSE 100

    7,039.30
    +116.13 (+1.68%)
     
  • Nikkei 225

    29,318.48
    +505.85 (+1.76%)
     

Will GRT Finally Break Out?

Valdrin Tahiri
·2 min read

The Graph (GRT) has been decreasing since reaching an all-time high price of $3.88 on Feb. 12.

Despite the ongoing decrease, GRT has broken out from a descending wedge. It has likely begun an upward movement which could potentially take it all the way to $4.

Descending Wedge

GRT has been moving downwards since Feb. 12, when it reached an all-time high price of $3.88. However, the decrease took the shape of a descending wedge, which is considered a bullish reversal pattern.

On March 28, it managed to break out from this pattern. Currently, it is in the process of re-testing the resistance line as support.

Technical indicators have also turned bullish.

The MACD has given a bullish reversal signal. The RSI has crossed above 50. The Stochastic oscillator is in the process of making a bullish cross.

The main resistance area is found at $2.09-$2.27. This is created by the 0.5-0.618 Fib retracement levels of the entire downward move.

Afterward, the next resistance would be found at the all-time high price near $3.

GRT Descending Resistance

The shorter-term two-hour chart shows that GRT is currently retracing after the breakout.

While it has bounced at the 0.382 Fib retracement support, technical indicators are bearish.

Therefore, GRT may drop to the 0.5 Fib retracement support at $1.59 or slightly lower before resuming its upward movement.

GRT Short-Term

Future GRT Movement

Cryptocurrency trader @Thebull_Crypto outlined a GRT chart, stating that it has already broken out from a descending wedge.

GRT Breakout

Additionally, the wave count suggests that the token has just begun wave five (white) of a bullish impulse.

The most likely target for the top of the move is found between $3.85 and $4.13.

The target is found using an external retracement on wave four (black fib) and a Fib projection on waves 1-3 (white fib).

GRT Wave Count

Conclusion

To conclude, GRT has broken out from a descending wedge and potentially begun a bullish impulse. A possible target for the top of the upward movement is found near $4.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.