The GRT price correction fall breakdown from the $1.17 support will most likely offset the July-August recovery. The post-breakout retest shows reduced volume activity indicating weakness in bullish commitment. Will the $0.117 resistance resume the prevailing correction?
Key points from GRT analysis:
- The 0.789 FIB level supported the current relief rally
- The 20-day EMA dynamic support flipped to a possible resistance
- The intraday trading volume in the Graph is $167.1 Billion, indicating a 255.8% gain
The GRT price bearish reversal from the $0.15 resistance accentuates a range-bound rally. Furthermore, the recent sell-off in the crypto market and the US Fed suggesting a 0.75% interest rate hike in September accelerated the bearish momentum in GRT.
Thus, the V-shaped reversal showcased eight consecutive red candles, registering a 33.55 loss. Furthermore, this drastic fall lastly breached a support level of $0.117, indicating the sellers are aiming for another leg down.
The GRT price reversed midway from the $0.1 psychological support and triggered a minor relief rally. Furthermore, the bullish pullback displayed five consecutive green candles, which accounted for a 20% jump and pushed the GRT price to the $ 0.119 mark.
However, the low volume relief rally indicates a lack of buyers’ interest in the market. Thus, the GRT price shows a good chance of reverting from this resistance.
Furthermore, the resulting downfall may plunge the GRT price 25 down to retest the June-July bottom support of $0.0875.
On a contrary note, if the coin price manages to break the $0.117 mark, the buyers may get an opportunity to surpass the $0.134 and $1.5 resistance.
Technical indicator
Vortex indicator: the wide gap between the bearishly aligned VI+ and V- slope indicate aggressive selling in the market.
EMAs: the 20-and-100-day EMAs accentuate the resistance capability of some horizontal chart levels. The 20 EMA aligned with the $0.177 mark encourages the resistance mentioned above. Moreover, 100 EMA moving near the $0.15 mark would assist in extending the range-bound rally.
- Resistance levels- $0.117, and $0.021
- Support levels are $0.134 and $0.115
