Following the bullish reversal in late 2023, the GRT price is picking up the bullish pace with the support of the 50-week EMA. Further, the bull market increases the confidence of investors to diversify into the altcoins for quick jumps.
With a streak of bullish candles, the Graph ranks at #42 in the top 50 coins with a market of $3 Billion. Trading close to the newly formed 52W high, the graph is teasing a bullish trend to hit the $1 mark potentially. Check out our GRT price prediction for a long-term analysis.
Breakout in Weekly Chart Hints At A Bull Run
Taking off from the dynamically rising 50-week EMA, the GRT price is heading for a new bull run with a 110% jump in the last four weeks. Further, the ongoing recovery breaks above the 23.60% Fibonacci level, teasing a trend continuation.
Source- Tradingview
The GRT price crossing above the $0.30 mark results in a psychological comeback for the altcoin and increases the chances of an upside run. Currently, the weekly candle showcases a lower price rejection and offers a potentially bullish closing above the broken Fib level this week.
Currently, the GRT price trades at $0.3200, with an intraday move of 1.54%, a pullback from yesterday’s 16% overnight hike.
Also Read: HBAR Price Eyes A Breakout For 40% Extended Bull Run
Will The GRT Price Break Past $0.50?
With the overhead trendline breakout in the daily chart, the altcoin price is hinting at a significant rise in the underlying demand. Further, the 20% rise in trading volume supports the bullish trend.
Currently, the GRT price projects the $0.30 breakout as a pivotal milestone. Further, the Fibonacci levels present the $0.45 and $0.58 as the next potential targets for the altcoin. Optimistically, a trend continuation can lead to a $1 breakout in the coming months.
Technical Indicators:
RSI Indicator: The weekly RSI line enters the overbought territory, bolstering the uptrend potential.
