CandleFocus

GRT Price At Major Resistance Level: Can Bulls Trigger Breakout?

Author: Content Editor
The Graph (GRT) crypto has experienced a recovery in the past six days, with a 20% gain in price. It has shown signs of reversal and crossed the 20-day EMA mark. However, it is still trading within a falling channel and has been in a selloff for the past three months. The token attempted to break a declining trendline previously but failed. The recent rally in the crypto market has increased bullish momentum for GRT, setting the stage for a potential breakout if it closes above $0.1600. The RSI line indicates increased buying pressure, and social dominance and active addresses data suggest increased investor enthusiasm. However, derivatives data remains bearish, with short contracts outweighing long contracts. The OI-Weighted funding rate and Open Interest also do not support a bullish prediction. If a breakout occurs, the upside hurdles are at $0.1680 and $0.1720, while the downside support levels are at $0.1500 and $0.1430.

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