GRT Price Retest Phase Aims A Bull Run To $0.50
Story Highlights
GRT price trend shows a bullish trend that is ready to burst with a retest phase.
The bull cycle reclaims the 23.60% Fibonacci retracement in the weekly chart.
With the post-retest surge, the bull run could surge to the $0.50 mark.
Triangle Breakout In Graph Gains Traction
With the GRT price surpassing the overhead trendline, the daily chart shows a triangle breakout. This intrigues the sideline traders into a breakout entry opportunity, with an extended uptrend possibility.
As the daily chart shows the triangle breakout, the GRT price surpasses the 50% Fibonacci level. Further, the recent dump over the weekends retests the bullish breakout.
Currently, the altcoin trades at $0.3116 with an intraday gain of 3.83% which undermines the fall on Sunday. Further, this marks a post-retest reversal in the Graph token. Hence, the chances of a bull run in this token are higher.
Technical Indicator:
DMI: The VI lines are getting closer, warning of a bearish uprising. However, the ADX line teases a bullish turnaround.
RSI: The daily RSI line shows a bullish trend approaching the oversold zone. This reflects an undermine increase in demand for the token.
Will The GRT Price Reach $0.50?
With the overhead trendline breakout rally gaining momentum with a successful retest in the daily chart, the GRT price is hinting at a extended rally. Based on Fibonacci retracement levels, if the altcoin surpasses the 50% level, it could potentially reach the previous swing high of $0.45. If the bullish momentum continues, it may further advance towards the significant psychological barrier of $0.50.