- GRT/USDT eyes a bullish breakout, holding strong at $0.1500 support, with potential upward momentum building.
- A decisive break above $0.190 with strong candles could signal a trend reversal for GRT/USDT, boosting bullish sentiment.
- GRT’s ecosystem growth and solid fundamentals support long-term value, with key levels to watch at $0.1736 and $0.32.
GRT/USDT is showing bullish momentum as the price holds steady above the critical demand zone at $0.1500. If this level remains strong, it increases the likelihood of a breakout above the descending resistance in the ongoing channel. A strong price movement could follow, especially if momentum continues to build.
Momentum Signals and Resistance Levels
For confirmation, a decisive break above the internal resistance at $0.190 is required. This should be accompanied by strong engulfing candles and consistent momentum. Until then, traders ought to use caution and refrain from making premature trade entry decisions. The resistance of the falling channel has already been breached by the price, suggesting a possible trend reversal. To be sure, this prognosis needs to be reinforced by a breakout.
In addition, the price movement over the previous few months shows a downtrend inside a falling channel, with lower highs and lower lows produced. The price has been repeatedly held by the ten-cent range between $0.12 and $0.15, which has demonstrated its resilience. As a result, this support zone is essential for figuring out the market’s future course.
Key Levels to Watch
GRT/USDT is currently trading at about $0.1670, which is just above the $0.1640 200-period Exponential Moving Average (EMA). The next notable resistance level, which has previously impeded upward momentum, is $0.1736. In addition, the Awesome Oscillator (AO), whose present value is -0.0013, indicates deteriorating momentum.Â
Source: CryptoRank
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However, a recent shift toward green on the histogram could indicate growing bullish momentum. Should there be a breakout, the price can go toward the following resistance area, which is situated between $0.32 and $0.37. A retest of the support zone around $0.12 may occur if the price is unable to stay above $0.15.
The Graph’s ecosystem is developing, boosted by a $50 million sale of GRT tokens in 2024. The protocol gains long-term value from the project’s decentralized Web3 infrastructure aim and strong data indexing capabilities. GRT/USDT is still a crucial combination to keep an eye on in the upcoming weeks due to its strong fundamentals and possible price movement.
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