Detailed Technical Analysis for GRT/USDT Chart
Welcome back to another edition of The Crypto City Trading Newsletter, your go-to source for in-depth technical analysis and expert insights into the dynamic world of cryptocurrency trading. Today we are focusing on the daily price action of GRT/USDT (The Graph)
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Total GRT Market Cap: $2,839,014,380
Circulating Supply: 9,509,186,705
Total Supply: 10,788,004,319
Max Supply: 10,788,004,319
Now moving towards the analysis.
In our daily analysis, GRT is trading within an ascending channel. Approximately for more than 48 days, it is moving in a channel. When the price reached the resistance level at 0.3541, leading to a pullback. The decreasing volume during this pullback suggests the bullish trend could still have potential. Several key technical elements and zones are marked, providing a comprehensive view of the market’s structure and potential future movements.
Current Price: $0.3009 USDT
Key Zones and Levels
Strong Monthly Support and Resistance Zone (Blue) at $0.4880 — $0.5497 USDT is significant for long-term trading decisions, indicating where the price has repeatedly faced resistance and support.
$0.4125 USDT and $0.3541 USDT are notable resistance levels where the price may face selling pressure.
The Weekly Support and Resistance Zone (Green) at $0.3157 — $0.3300 USDT is also acting as a strong zone where the price gets rejected multiple time
Support Zones (Yellow) at $0.2172 — $0.2355 USDT where buying interest might emerge, potentially preventing further price decline
$0.1739 USDT and $0.1385 USDT are the last defense line for the bullish traders
Chart Observations
Currently, the price is trading within an ascending channel and is poised to retest the channel’s lower support. If the price breaks down the lower support of the channel we might see the price at support zones (Yellow) at $0.2172 — $0.2355 USDT and then bounce back from there.
Potential Scenarios
There are 2 scenarios
1- Bullish Scenario
If the price flips above the zone (Green) at $0.3157 — $0.3300 USDT, we can see a bullish move and it may target the next resistance levels at $0.3541 and $0.4125 and then to the “Strong Monthly Resistance” (Blue) zone at $0.4880 — $0.5497 USDT. This is a huge 50% move.
2- Bearish Scenario
If the price breaks the ascending channel it can lead us to the next support zone (Yellow) at $0.2621 which is a weaker support but there is a chance of recovery from here. If this support is broken down then $0.2172 — $0.2355 USDT is the next support zone which is a stronger support zone and if it drops further towards the next support levels at $0.1739 USDT and $0.1385 USDT. However, according to our analysis, the price can not drop further from the support zone at $0.2172 — $0.2355 USDT and this is the best buy opportunity.
Technical Indicators
Based on technical indicators on a daily time frame
- The relative Strength Index (RSI) value is at 47.8732 (Neutral)
- Momentum is at -0.0381 signaling a (Sell)
- MACD Level (12, 26) is at 0.0058 signaling (Sell)
- Exponential Moving Average (50): 0.3030 (Sell)
- Exponential Moving Average (100): 0.2905 (Buy)
- Simple Moving Average (100): 0.3208 (Sell)
- Exponential Moving Average (200): 0.2533 (Buy)
- Ichimoku Base Line (9, 26, 52, 26): 0.3092 (Neutral)
- Volume Weighted Moving Average (20): 0.3133 (Sell)
- Hull Moving Average (9): 0.3014 (Buy)
Interpretation
The overall technical analysis suggests a “Sell” signal based on the combined ratings of oscillators and moving averages. The majority of indicators are leaning towards a sell, with some indicators being neutral and a few suggesting a buy. This analysis indicates a bearish sentiment for GRT/TetherUS on the daily timeframe
Volume
Volume analysis is critical in confirming the strength of breakouts or breakdowns. Higher volume during upward moves indicates strong buying interest, while higher volume during declines suggests stronger selling pressure.
Overall Market Sentiment Analysis
The broader market sentiment in the crypto space is mixed but cautiously optimistic. Despite bearish pressures from potential regulation, rising energy costs, and geopolitical tensions, the constructive regulatory environment, growing institutional adoption, and favorable macroeconomic conditions provide a foundation for a positive outlook.
Conclusion:
The short-term sentiment for GRT/USDT appears bearish. The overall sentiment for GRT remains cautiously optimistic within the ascending channel pattern. While there are clear resistance levels and potential bearish scenarios, the strong support zones and the possibility of a significant bullish move provide a balanced outlook. Traders should watch for key levels at $0.3157 — $0.3300 USDT for bullish confirmation and the channel’s lower support for bearish signals. The support zone at $0.2172 — $0.2355 USDT offers a favorable buy opportunity if the price declines to that level. The long-term outlook for the cryptocurrency market remains optimistic due to ongoing advancements and increasing mainstream adoption.
Your Essential Trading Newsletter
This detailed analysis provides a comprehensive understanding of the current market structure and potential scenarios. Traders can use these insights to make informed decisions and effectively navigate the market.
Stay tuned to The Crypto City Trading Newsletter for more in-depth analyses, market insights, and expert guidance. As always, we strive to empower you with the knowledge and tools needed to navigate the fast-paced world of cryptocurrency trading. Happy trading!
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The Crypto City Trading Team
