The Graph (GRT) Breaks out From 223-Day Resistance Line After Generating Bullish Divergence

The Graph (GRT) Breaks out From 223-Day Resistance Line After Generating Bullish Divergence
фото показано с : beincrypto.com

2022-7-19 22:00

The Graph (GRT) has increased only incrementally in July but is showing preliminary signs that often precede sharp upward movements.

GRT had been decreasing underneath a descending resistance line since Nov. 2021. The downward movement led to a low of $0.089 in June 2022. 

However, the price bounced shortly afterward and broke out from the line after five days. At the time of the breakout, the line had been in place for 223 days. Despite the breakout, it did not initiate any sort of significant upward movement and has been hovering close to $0.1 since.

The closest resistance is at $0.36. This is a horizontal resistance area that had previously acted as support. If the price is successful in moving above it, the next resistance would be at $0.54, created by the 0.382 Fib retracement resistance level.

GRT/USDT Chart By TradingView Ongoing breakout

A closer look at the daily time frame supports the possibility of GRT initiating a very significant upward movement. There are two main reasons for this, both of which relate to the RSI. 

The indicator has been generating bullish divergence over the past two months (green line). Furthermore, it has now moved above 50 (green icon). By doing so, it also completed a swing high pattern, which further increases the legitimacy of the bullish divergence. So, it is possible that the price will soon initiate a significant upward movement.

GRT/USDT Chart By TradingView Short-term GRT movement

Cryptocurrency trader @isli_Stallard tweeted a chart of GRT, stating that the price could increase all the way to $0.27.

Source: Twitter

The six-hour chart also provides a bullish outlook, since it shows that the price has broken out from a descending wedge. The wedge is considered a bullish pattern, meaning that a breakout from it is the scenario that most often transpires. Furthermore, the RSI has moved above 50 in what is also considered a sign of a bullish trend. 

However, there is minor resistance at $0.125 prior to the $0.27 area outlined in the tweet.

GRT/USDT Chart By TradingView

For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here

The post The Graph (GRT) Breaks out From 223-Day Resistance Line After Generating Bullish Divergence appeared first on BeInCrypto.

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graph grt generating line divergence bullish breaks

Источник: beincrypto.com

graph grt → Результатов: 35


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2021-3-2 13:06


Фото:

Запущен мейннет проекта The Graph

Команда The Graph объявила о запуске децентрализованного протокола индексации данных в основной сети Ethereum. О листинге нативного токена криптопроекта GRT объявили три крупные биржи.

2020-12-19 11:19


Фото:

Создатели The Graph запустили основную сеть. Токен появился на Binance, Coinbase и OKEx

Команда The Graph объявила о запуске децентрализованного протокола индексации данных в основной сети Ethereum. О листинге нативного токена криптопроекта (GRT) объявили три крупные биржи. The Graph Network is officially live! People all over the world are coming together to build a vibrant decentralized future on top of crypto networks.

2020-12-18 12:59


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