The graph (GRT) has only increased incrementally in July, but is showing early signs that are often preceded by a sharp upward move.
Since November 2021, the GRT was declining below a descending resistance line. The downside movement led to a June 2022 low of $0.089.
However, the price reversed shortly after and broke out of the line after five days. At the time of the breakout, the line was up for 223 days. Despite the breakout, it did not initiate any significant rise and has been hovering near $0.1 since then.
The nearest resistance is at $0.36. This is a horizontal resistance area that previously acted as support. If the price manages to move above this, the next resistance level will be $0.54, formed by the 0.382 Fibonacci retracement resistance level.
ongoing breakout
A closer look at the daily time frame supports the possibility of GRT starting a very significant upward move. There are two main reasons for this, both of which are related to the RSI.
The indicator is creating a bullish divergence over the past two months (green line). Also, it has now gone above 50 (green icon). In doing so, it also completed a swing high pattern, which further increases the validity of the bullish divergence. Therefore, it is possible that the price will soon initiate a significant upward movement.
short-lived GRT movement
cryptocurrency trader @isli_Stallard Tweeted a chart from GRT suggesting that the price could move all the way to $0.27.
The six-hour chart also provides a bullish outlook as it shows that the price has broken above a descending wedge. The wedge is considered a bullish pattern, which means that a breakout from it is the most frequent scenario. Moreover, the RSI has moved above 50, which is also considered a bullish trend signal.
However, there is minor resistance at $0.125 before the $0.27 area mentioned in the tweet.
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