Price Action Analysis:

Overall Trend: #graph has been on a bullish trajectory. The long-term uptrend is clearly visible as the price steadily rises. The recent breakout above a key resistance level signals that the trend is likely to persist, showing strength in the market.

Recent Movement: After hitting a new all-time high (ATH), #GRT📈 experienced a correction, but it found support at a significant level (around 0.40000). This is a positive sign as it indicates buying interest at these levels, suggesting that the market is not ready to give up on the bullish sentiment just yet.

Support and Resistance:

Support: The 0.40000 level you pointed out is crucial. If the price revisits this area, it could serve as a solid foundation for another potential upward move. If it holds, it’s a confirmation of continued support.

Resistance: The previous ATH of 2.89918 is definitely a critical resistance point. If GRT manages to break above this level with strong volume, it could trigger further upside, possibly testing even higher levels in the future.

Trend Lines: The descending trend line acting as resistance is a significant factor. A clear breakout above this line would further confirm the continuation of the bullish trend, so we’ll want to keep an eye on any price action around this zone.

Technical Indicators:

RSI (Relative Strength Index): As you mentioned, the RSI being below 50 suggests that the market is currently oversold. This indicates that we could see a short-term rebound as buyers come in to take advantage of the lower price levels.

MACD (Moving Average Convergence Divergence): The MACD line crossing above the signal line is definitely a bullish indicator. It reflects a shift in momentum, with more buying pressure building up. This is an encouraging sign that the price could continue its upward movement.

Bollinger Bands: The price trading below the lower Bollinger Band signals an oversold condition, often followed by a potential bounce. This suggests that GRT might be due for a short-term upward correction in the near future