GRT Technical Analysis: GRT Prices Within Wedge Teases Bullish Launch

GRT price trend remains trapped within a rising wedge pattern, but the recent bull cycle teases an upside breakout to reach $0.20. Key Technical Points: The Graph (GRT) price jumped 16% last day from the $0.12 support level, teasing a bullish breakout. The bull cycle challenges the resistance trendline after the 100-day SMA breakout. With a market cap of $1.032 billion, the intraday trading volume of The Graph has increased by 380% to reach $221 million. Past Performance of GRT As we mentioned in our previous article, the GRT price action maintains a rising trend after the bullish reversal from the $0.086 mark, accounting for a 72% jump over the last month. The bull run exceeds the 50 and 100-day SMAs and reaches the psychological mark of $0.15. Moreover, the price trend inchoates a rising wedge pattern in the daily chart, and the recent bull cycle challenges the resistance trendline. Source – Tradingview GRT Technical Analysis Currently, the GRT price action displays a bullish engulfing candle with a 16% jump, but the wick formation shows an increased supply at the resistance trendline. Hence, traders should wait for a price action confirmation to avoid getting trapped in a bearish downfall. As The Graph market price beats the 100-day SMA, the increased bullish influence results in a lateral shift in the 50-day SMA. Moreover, a spike in intraday trading volume supports the bullish candle and increases the possibility of an up...