As Bitcoin makes a bullish comeback this week, with an intraday jump of 2.44%, the altcoins market is ready for a reversal. Amidst the rising coins, the GRT price trend shows an intraday rise, teasing a bull cycle for a breakout run.
With the underlying demand rising, the anticipation for a bull run in the Graph token price is also increasing. Will the growing demand result in a jump beyond the psychological mark of 50 cents? Check out our GRT price prediction for a long-term analysis.
Triangle Breakout Chances Grow For Graph
With a bullish bounce back from a long-coming support trendline, the GRT price sustains the higher low formation. However, the overhead supply driving the pullback leads to a resistance trendline.
Tradingview
As the two trendlines converge, the daily price chart shows a triangle pattern formation. Currently, the altcoin price trend shows a lower price rejection in the pullback cycle, teasing an uptrend to the resistance trendline.
Currently, the GRT price trades at $0.2859, with an intraday move of 2.42% projecting a high likelihood of an uptrend. As the broader market finally gains momentum, the altcoin could shortly give a breakout rally.
Technical Indicator:
MACD: The bullish rise in the MACD and signal line faces opposition, resulting in convergence. As this threatens a crossover, the bullish reversal could reset the uptrend.
RSI: The daily RSI line shows a rising trend sustaining above the halfway line.
Will The GRT Price Reach $0.50?
With the overhead trendline under stress in the daily chart, the GRT price is hinting at a breakout rally. Further, the 16% jump in trading volume supports the breakout possibility.
As per the Fibonacci levels, a bull run above the 50% Fibonacci level could reach the previous swing high at $0.45. If the bullish momentum sustains, the altcoin could reach the psychological mark of $0.50.
