The post GRT Price Retest Phase Aims A Bull Run To $0.50 appeared first on Coinpedia Fintech News

As the Bitcoin price stagnates close to the $66K mark, the altcoins are on the verge of massive moves. Amidst such tokens, the GRT price shows a post-retest rally ready to spring into action and surpass multiple resistances.

With the Bitcoin price ready to hit the $70K mark this week, will the altcoins siphon market momentum for a bull run? Will the post-retest rally with unleashed momentum surpass the psychological mark of 50 cents? For a long-term analysis, check out our GRT price prediction.

Triangle Breakout In Graph Gains Traction

With the GRT price surpassing the overhead trendline, the daily chart shows a triangle breakout. This intrigues the sideline traders into a breakout entry opportunity, with an extended uptrend possibility. 

Tradingview 

As the daily chart shows the triangle breakout, the GRT price surpasses the 50% Fibonacci level. Further, the recent dump over the weekends retests the bullish breakout.

Currently, the altcoin trades at $0.3116 with an intraday gain of 3.83% which undermines the fall on Sunday. Further, this marks a post-retest reversal in the Graph token. Hence, the chances of a bull run in this token are higher.

Technical Indicator:

DMI: The VI lines are getting closer, warning of a bearish uprising. However, the ADX line teases a bullish turnaround. 

RSI: The daily RSI line shows a bullish trend approaching the oversold zone. This reflects an undermine increase in demand for the token. 

Will The GRT Price Reach $0.50?

With the overhead trendline breakout rally gaining momentum with a successful retest in the daily chart, the GRT price is hinting at a extended rally.  Based on Fibonacci retracement levels, if the altcoin surpasses the 50% level, it could potentially reach the previous swing high of $0.45. If the bullish momentum continues, it may further advance towards the significant psychological barrier of $0.50.

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Filed under: Bitcoin - @ May 20, 2024 10:23 am