The Graph (GRT) Breaks out From 223-Day Resistance Line After Generating Bullish Divergence

The Graph (GRT) has increased only incrementally in July but is showing preliminary signs that often precede sharp upward movements.

GRT had been decreasing underneath a descending resistance line since Nov. 2021. The downward movement led to a low of $0.089 in June 2022. 

However, the price bounced shortly afterward and broke out from the line after five days. At the time of the breakout, the line had been in place for 223 days. Despite the breakout, it did not initiate any sort of significant upward movement and has been hovering close to $0.1 since.

The closest resistance is at $0.36. This is a horizontal resistance area that had previously acted as support. If the price is successful in moving above it, the next resistance would be at $0.54, created by the 0.382 Fib retracement resistance level.

Ongoing breakout

A closer look at the daily time frame supports the possibility of GRT initiating a very significant upward movement. There are two main reasons for this, both of which relate to the RSI. 

The indicator has been generating bullish divergence over the past two months (green line). Furthermore, it has now moved above 50 (green icon). By doing so, it also completed a swing high pattern, which further increases the legitimacy of the bullish divergence. So, it is possible that the price will soon initiate a significant upward movement.

Short-term GRT movement

Cryptocurrency trader @isli_Stallard tweeted a chart of GRT, stating that the price could increase all the way to $0.27.

The six-hour chart also provides a bullish outlook, since it shows that the price has broken out from a descending wedge. The wedge is considered a bullish pattern, meaning that a breakout from it is the scenario that most often transpires. Furthermore, the RSI has moved above 50 in what is also considered a sign of a bullish trend. 

However, there is minor resistance at $0.125 prior to the $0.27 area outlined in the tweet.

For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here

The post The Graph (GRT) Breaks out From 223-Day Resistance Line After Generating Bullish Divergence appeared first on BeInCrypto.

Earning Passive Income With Crypto

Related Posts

Has the U.S. Dollar Index (DXY) Completed Its Uptrend?

After months of upward movement, the U.S. dollar index (DXY) may have peaked and initiated a downtrend. In early August, the DXY broke down from its long-term,…

20000% in One Minute on Play to Earn Game Tothesmart

PRESS RELEASE. The crypto enthusiast has got 10,032 BUSD into their wallet by buying virtual miners in the Play To Earn game Tothesmart for only 50 BUSD….

Ethereum’s Goerli Testnet Implements The Merge, ETH Price Jumps 74% Higher During the Past 30 Days

The Merge has successfully been implemented into Ethereum’s third and final testnet, Goerli, after previously adding Merge support to the testnets Sepolia and Ropsten. The Merge was…

Arsenal Loses Appeal Over Misleading Crypto Advertising

Premier League giants Arsenal F.C. have lost an appeal and been given a second warning by the U.K.’s Advertising Standards Authority (ASA) over the “misleading” marketing of…

Medieval Empires: Ertugrul To Ease Entry Into Web3 Gaming

In light of blockchain gaming’s advancement into the mainstream gaming industry, Medieval Empires: Ertugrul’s founding team attended the Blockchain Economy Istanbul Summit, the biggest blockchain event in…

Biggest Movers: ATOM Climbs to Highest Point Since May, While SOL Rises by Over 10%

Cosmos rose to its highest point since May earlier in today’s session, as crypto markets surged on Thursday. The global market cap is trading over 6.27% higher…