Based on the GRT/USDT chart on the 4-hour timeframe, here is a brief analysis:
1. Price Trend and Bollinger Bands
The current price is at 0.2798, moving near the middle line of the Bollinger Bands (around 0.2822).
After reaching a high of 0.3488, the price experienced a significant correction to 0.2266 before bouncing back.
If the price is able to break through the upper Bollinger line (0.2993), the potential for further increases could occur. Conversely, if it fails, the price could return to support at 0.2520.
---
2. Trading Volume
Trading volume is seen decreasing, indicating market doubt or price consolidation. This shows that buyers and sellers are waiting for new momentum.
---
3. Stochastic RSI Indicator
The Stochastic RSI is moving at levels 40.97 and 41.02, indicating a neutral movement. If the indicator rises towards 80, it could be a bullish signal. If it drops below 20, the price has the potential to weaken again.
---
4. MACD Indicator
The MACD is currently negative with DIF: -0.0018 and DEA: -0.0028. This indicates that bearish momentum is still dominant.
However, if the MACD starts to approach an upward intersection, it could be an early sign of a positive trend reversal.
---
5. Support and Resistance
Closest Support: 0.2520
Closest Resistance: 0.2993 (upper Bollinger Bands line). If broken, the next target could go to 0.3488.
---
Conclusion
The current trend shows a consolidation phase after the correction.
Monitor the 0.2520 level as strong support and 0.2993 as key resistance.
If volume increases and the price breaks through resistance, there is potential for further upside. If not, be aware of further downward movement.
