1. Trend overview
• Main trend: The price has dropped from a high of 0.49476 USDT and hit a bottom at 0.07628 USDT. The price is currently recovering and fluctuating around 0.21603 USDT, up +9.42% in the session.
• Current situation: The price is trying to hold an important support level after a correction from the recent peak near 0.36 USDT.
2. Support and resistance
• Important support:
• 0.20 - 0.21 USDT: This is the nearest support level that the price needs to hold to continue the bullish trend.
• 0.18 USDT: This is deeper support if the price breaks below 0.20 USDT.
• Important resistance:
• 0.25 USDT: This is the nearest resistance level.
• 0.36 USDT: Stronger resistance, needs to be broken to confirm the mid-term bullish trend.
3. Price action
• Recent candles:
• Bearish candles with large bodies appeared after the price failed to break through the resistance of 0.36 USDT, indicating selling pressure.
• The price is trying to hold the 0.21 USDT support level with decreasing volume, indicating hesitation from both sides.
• Trading volume:
• Volume slightly increased during bullish sessions, reflecting improved buying pressure but not clearly.
4. Technical indicators support
• MA (Moving Averages):
• MA5 (golden line): The current price is below the MA5 line, indicating short-term weakness.
• MA10 (purple line): The price is still close to the MA10 line, the mid-term trend has not been completely broken.
• MACD:
• MACD Histogram is positive but decreasing, indicating weakening bullish momentum.
• DIF (0.00995) is above DEA (0.00436), but the gap is narrowing.
• RSI:
• RSI(6): 47.46, RSI(12): 50.53, RSI(24): 50.74 => RSI fluctuates around 50, indicating a neutral market with no strong trend.
• OBV:
• OBV remains stable, indicating no significant changes in cash flow.
5. Scenario according to Price Action
Scenario 1: Price continues to rise
• If the price holds the support level of 0.20 - 0.21 USDT and a strong bullish candle appears with high volume, the bullish trend may be restored.
• Target: 0.25 - 0.28 USDT range.
Scenario 2: Price drops and breaks support
• If the price drops below the 0.20 USDT range, the downtrend may resume.
• Target: 0.18 USDT or lower.
Scenario 3: Accumulation
• The price may continue to fluctuate in the 0.20 - 0.25 USDT range, creating an accumulation area before determining the next trend.
6. Trading strategy
• Buy (Long):
• When the price breaks above the 0.25 USDT level with strong bullish candle signals and high trading volume.
• Sell (Short):
• When the price breaks below the 0.20 USDT support level with high volume.
• Wait: If the price fluctuates in a narrow range, need to wait for a clear breakout signal before entering a position.
Conclusion:
Currently, the GRT/USDT price is in a correction phase and fluctuating near an important support level. Price action in the 0.20 - 0.21 USDT range will determine the next trend. Monitor candle signals, volume, and support/resistance levels to make accurate decisions.