On February 24, (K chart) GRT buyers stopped the decline at the psychological level of $0.3 and immediately rejected the price. The cryptocurrency has spiked 20% in the last four days in an attempt to break above the immediate resistance level of $0.363. However, a real recovery will require a long breakout and a close above the $0.39 handle.

Key technical points.

  • GRT buyers broke through a small resistance level of $0.363
  • GRT’s intraday trading volume was $125.6 million, up 33.6%.

Trading view K-line chart Source-Tradingview

On February 21, GRT sellers gave a deceptive breakdown from the support level of $3.9. The following retest day showed that support had shifted to resistance, leading to a 20% drop. Sellers pulled the cottage coin to the psychological level of $0.3, but sudden demand in the cryptocurrency market brought the price back down, accounting for 15% of the rejection tail.

Today, GRT/USDT bounced off the $0.33 mark, rising 9.2% intraday. The coin's K chart shows the key SMAs (20, 50, 100 and 200) falling in a bearish manner, indicating a downtrend.

A sudden price spike pushes the MACD fast line higher, approaching the slow line from below. This bullish crossover will trigger a buy signal for the trader.

GRT/USDT: 4-hour time frame chart

Trading view K-line chart Source-Tradingview

Today's rise in GRT price will support GRT buyers to break the immediate resistance of $0.39. If they succeed, traders will get the first signs of recovery and push the cryptocurrency 30% higher to the $0.50 mark.

Contrary to the above assumption, if sellers set strong resistance at $0.39 and hold the cottage coin below. The selling pressure will accelerate and bring the price back down to the support level of $0.33.

  • Resistance levels – $0.39, $0.445
  • Support at $0.33 and $0.3

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