Despite the strong and solid bullish breakout rally of a falling wedge pattern, the GRT price hits a bearish roadblock at the $0.1753 level. The breather phase leads to a sharp pullback, allowing the bulls to regain stamina and make a stronger comeback.
With Bitcoin clearing the bearish cloud of air after the sharp fall this Monday, altcoins like the Graph token are finding their bullish way back to higher levels. Therefore, the chances of a prolonged uptrend are potentially fueled by an upcoming breakout as the GRT price prediction increases significantly.
Source- Tradingview
Continuing the streak of higher lows in the daily chart, the GRT price trend shows a solid uptrend in motion. However, the bullish struggle for the $0.1753 resistance level continues and delays the breakout rally for the Graph.
Further, the recovery rally started after the falling channel breakout forms a rounding reversal with the overhead resistance as the neckline. As a trend reversal pattern, it increases the possibility of a bullish break to end the prevailing long-coming downtrend.
Currently, the GRT price trades at $0.0.1690 with an intraday fall of 3.49%, forming a bearish candle at the neckline. This decreases the breakout chances and may soon result in a retest of $0.15.
However, purely based on speculations, the possibility of a double bottom may arise in this retest.
Technical Indicators:
DMI Indicator: The VI lines sustain a positive alignment despite the recently increased volatility threatening crossover.
EMA: Following the golden crossover, the 50D and 200D EMA maintain a positive trend in motion. With the rising 50D EMA ready to provide dynamic support and bolster the breakout trend.
Will The GRT Price Skyrocket to $0.20?
As the market returns to the bullish cycle, the GRT price gracefully takes on the high road and crosses the psychological barrier at $0.15. However, the sellers dominated the $0.1753 resistance zone, leads to another bullish failure.
In case the lower price rejection at $0.15 leads to a double-bottom reversal, the altcoin may surpass the overhead resistance. Giving a bullish break to the rounding bottom pattern, the GRT price can reach $0.20.Optimistically, the uptrend can cross $0.20 to challenge the $0.25 mark.
However, a reversal under $0.15 can plunge the token value to $0.12.
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