With trend momentum rising sharply, GRT price is witnessing a trend reversal on the weekly chart. Soaring trading volume, a 78% increase in the last 20 days, and overall optimism in the market have fueled the rally for graph tokens.
Despite the good start of the GRT hodler, the Bears still have important strongholds higher, such as the psychological mark of $0.50. Will GRT price reach $1? For a more detailed approach to potential price trends from The Graph, check out our GRT price prediction.
A weekly reversal sets the graph for a Bull Run.
Retesting the 50-week EMA pushes GRT price higher, forming three consecutive bullish weekly candles. The sharp reversal led to a rise of nearly 80% and challenged the $0.30 level.
Source- Tradingview
Additionally, the $0.30 mark coincides with the 23.60% Fibonacci level, indicating significant bearish dominance. Therefore, a breakout of this level would be a great buy point for sideline traders.
GRT price is currently trading at $0.2738, down 2.41% intraday, reversing last night’s 12.78% jump.
Will GRT price surpass $0.50?
Despite the GRT price being 90.55% off its all-time high of $2.88, the trend reversal is reviving hopes for a new all-time high. However, the long road ahead has multiple bearish pit stops that could lead to intense downturns along the way.
Trading View
Currently, GRT price is showing a similar downward trend at the confluence of the overhead resistance trend line and the $0.30 point. However, the 78% increase in trading volume supporting the bull market predicts a high possibility of a breakout.
In this case, a breakout run could result in a quick jump above the $0.50 psychological mark. $0.68.
Technical indicators:
DMI indicator: The positive alignment of the rising ADX and VI lines reflects increasing bullish momentum.