Making a falling wedge pattern, the GRT price trend saw most of 2023 from a bearish lens. Despite the early 2023 gains of nearly 300%, the Graph token price fell to $0.0771 from $0.20 in 9 months.
However, with the ongoing recovery, the Graph coin price regains bullish momentum and gives a bullish breakout.
Concluding the long-term trend of lower highs and lower lows, the GRT price trend finally takes a bullish step from $0.0771. Rising above the dynamic resistance of the 50-day EMA and the long-coming resistance trendline, a breakout rally boosts the Graph’s market value.
Moreover, the uptrend continues to gain momentum and surpass the 200-day EMA to reach the overhead resistance of $0.1128. Currently, the uptrend helps GRT price trade at $0.1070 and teases a high breakout possibility.
Following the wedge breakout, the overall momentum in the GRT price trend increases and may continue to drive the rally. Moreover, the recovering conditions of the market can help boost the investor’s confidence in the altcoins market.
EMA: As the overall trend improves, the 50-day EMA rises and increases the golden crossover possibility.
MACD indicator: The MACD and signal lines continue to rise higher with the growing bullish histograms.
Will The GRT Price Skyrocket to $0.15?
With the altcoins market optimistic about the coming days, a sentiment-fueled rally drives the prices higher. As GRT price action teases, the crucial resistance zone breakout at $0.1128, and the uptrend possibility increases.
In case of a breakout, the GRT price may shoot higher to the $0.15 mark. However, a short resistance at the 50% Fibonacci level of $0.13 is possible. On the flip side, a reversal below $0.10 will plunge the price to the $0.086 level.