GRT coin price rebounds from the $0.325 weekly support, registering a 9.5% gain. Can the renewed bullish momentum breach the falling channel pattern?

Key technical points:
<ul>
 	<li style="font-weight: 400">GRT coin price forms a daily-morning star pattern at $0.325 support</li>
 	<li style="font-weight: 400">The 50-day EMA provides dynamic resistance</li>
 	<li style="font-weight: 400">The 24-hour trading volume in the GRT is $213 Million, indicating a 50% rise. </li>
</ul>
<h2>Past Performance of GRT</h2>
The Graph(GRT) has been correcting inside a falling wedge pattern for the past three months. However, The recent bear cycle was initiated during Mid-February when the price turned down from the shared resistance of the descending trendline and $0.5 resistance. This correction rally tumbled the altcoin by 32.5%, slipping it to the $0.33 mark.

<img src="https://s3.tradingview.com/snapshots/r/roMX1vG2.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/EyidGb2s/">Tradingview</a>
<h2>GRT Technical Analysis </h2>
The GRT buyers tried to bounce back from the $0.32 mark and breach the immediate resistance of $0.39. However, the sellers mounted a vigorous defense at this level and dumped the coin price back to the low swing support(0.32). Nevertheless, the altcoin rebounded from this support with a morning star pattern, suggesting the traders accumulate at this dip. 

The downsloping crucial EMAs (20, 50, 100, and 200) indicate the sellers have the upper hand in a bearish sequence. Moreover, the 50-day EMA acts as a dynamic resistance restraining bullish activity.

RSI Indicator: The RSI slope shows an evident bullish divergence concerning the last three swing lows. This indicates a better possibility for a bullish breakout from the falling pattern. 

Stochastic RSI Indicator: The bullish crossover among K and D shows an early price-action reversal. Moreover, the positive divergence in the lines suggests the increasing bullish momentum.

In a nutshell, GRT technical analysis reveals a high probability of a bullish breakout of the resistance trendline and 50-day EMA.
<h2>Upcoming Trend</h2>
The GRT/USD pair could soon stage a bullish rally following the morning star pattern and challenge the confluence of significant technical resistance, i.e., $0.39 horizontal, descending trendline, and 50–day EMA. If buyers breach the sustain above these shared resistances, the traders can expect a quick rally to $0.5, followed by $0.6.

Support Levels: $0.32 and $0.27

Resistance Levels: $0.39 and $0.5

GRT Technical Analysis: Divergence Foretells Falling Channel Breakout

GRT coin price rebounds from the $0.325 weekly support, registering a 9.5% gain. Can the renewed bullish momentum breach the falling channel pattern?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

GRT Technical Analysis: Divergence Foretells Falling Channel Breakout

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