GRT/USDT 2-Day Chart Analysis
1. General Graphic Analysis and Formations
The chart shows that the price is stuck between a clear downtrend line and a strong support level coming from below. After this squeeze, it is observed that the price broke upwards and started a strong upward movement. It is also noteworthy that after the breakout, the price tested the level that served as resistance in the past as support and reacted from there.
2. Support and Resistance Levels
• Support Level: The 0.1800 - 0.1900 USD zone is a strong support area where the price can find buyers in pullbacks. As long as there are no permanent closes below this zone, the uptrend may continue.
• Resistance Levels:
• The first strong resistance is located between 0.2500 - 0.2700 USD.
• If the rise continues, levels of 0.3500 USD and above can be determined as potential targets.
3. Target and Price Potential
• Target 1: The 0.2700 USD level is the first important target that can be tested in the short term.
• Target 2: 0.3500 USD and above, levels that can be reached in the medium to long term if the uptrend continues.
4. Trend Direction
• Uptrend: As long as the price remains above the long-term downtrend line, the uptrend will continue. An upward move supported by strong volume is a positive sign for trend continuation.
5. Indicator Analysis
• Momentum: It is important for momentum to remain strong for the rise to continue. Momentum indicators such as the RSI approaching the overbought zone may lead to short-term pullbacks, but if the trend strength is maintained, buyers may re-enter the market.
• Volume: Increasing volume during the upward breakout supports the solidity of the move. Volume is an important indicator that confirms the price increase.
6. Formations and Formation Reversals
• Descending Trend Line Break: The upward break of the downward trend line can be considered as an indication that the bull market has started.
• Support-Support Conversion: The previous resistance level acting as support indicates that the uptrend is healthy.
7. Strategy and Recommendations
1. Buying Strategy: Buying positions can be evaluated above the support level in the 0.1900 USD region. Prices that react from a strong support have the potential for continued rise.
2. Profit-taking and Stop-Loss: You can make a profit-taking plan at the first target area of 0.2700 USD, and gradually reduce your position at higher targets. The stop-loss level should be determined below the 0.1800 USD support level.
3. Volume Monitoring: Volume support must continue for price increases to continue. Volumeless increases may indicate that the trend is weakening.
8. Conclusion and Comment
There has been a strong upward breakout in the GRT/USDT pair. It is important for the trend to continue with supportive volume and momentum indicators. Investors should manage their positions by paying attention to the protection of certain support levels and applying risk management strategies.
