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GRT is gearing up for a 26% rally

 

  • The Price graph bounces convincingly from a test of the February lows.
  • The local head and shoulders breakout confirms buying interest.
  • Simple moving averages (SMA) are now support rather than resistance.

The graph price could not avoid the sell-off in the cryptocurrency complex last week. As a result, it briefly tested the February low of $ 1.333 before consolidating in a head-and-shoulders pattern and then gaining another 19%. Basically, the latest Santiment data paint a mixed picture, but green shoots are forming, which should have a positive impact on the sustainability of the rally.

The price hike on Graph triggers social media activity

Like the price of The Graph, social volume is also on the up, according to Santiment. Data shows that “Crypto social media bottomed out a few days ago and now appears to be increasing” as prices rebound. In addition, the number of active addresses is currently over 1.7 KB, which proves that “BRT tokens are in use” and that activity in the chain has stabilized.

Source: Santiment (March 29, 2021)

On March 22nd, GRT collapsed decisively below the lower trendline of a symmetrical triangle and raced to the February low. Traders had grown impatient with the consolidation and had quickly withdrawn to take the weak holders off the market.

The rebound has been compelling based on the 4 hour chart and of great volume, especially after the breakout from a local head and shoulders bottom. GRT is now consolidating the rally just below the March 20 high of $ 1.878 and well above the 50 four-hour SMA and 100 four-hour SMA. Once the short-term overbought condition is resolved, the altcoin should jump to the March 9th high at $ 2.207 and gain 26% from current price.

Other upside targets include the Fibonacci retracement levels of 0.618 and 0.786 of the February-March bear market at $ 2.292 and $ 2.560, respectively.

BRT / USD 4 hour chart

BRT / USD 4 hour chart

The levels of support are the 100 four-hour SMA at $ 1.647 and then the 50 four-hour SMA at $ 1.569, followed by the February and March lows at $ 1.32. Failure to do so would increase the likelihood that GRT will not test the all-time high for a long time.

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