GRT Technical Analysis: Bullish Attempts Fail To Break Bearish Trendline

GRT price shows a failed trendline breakout attempt as the price action forms an evening star pattern. Will the reversal break under the support of $0.10? Key technical points: The GRT market value decreased by 3.40% in the last 24 hours. Price action shows a reversal from the resistance trendline. The 24-hour trading volume of The Graph is $109 Million, indicating a hike of 43%. Past Performance of GRT The GRT buyers’ failed attempt to surpass the $0.52 neckline triggered a new correction rally that created havoc among buyers. The decline breaks below $0.20 and reaches the support level at $0.12 while destroying more than 70% of market value in just two months. However, the bullish support of $0.12 stalls the downward trend, leading to a consolidation to challenge the bearish trendline. Source- Tradingview GRT Technical Analysis The trendline challenge is after the second dip of $0.12, indicating the traders accumulating at a lower price. The bullish reversal rally is likely to be a victim of failure in the breakout. It is evident as the price action displays an evening star, forming at the resistance trendline. The Daily Moving Averages – 20 100, 200 continue to fall in the daily chart, as prices fail to sustain above the 20 DMA resulting in a negative retracement. The RSI indicator shows the slope before it resumes to find support near the fourteen-day SMA. In addition, the MACD indicator displays an increasing trend in his...