As the Bitcoin price stagnates close to the $66K mark, the altcoins are on the verge of massive moves. Amidst such tokens, the GRT price shows a post-retest rally ready to spring into action and surpass multiple resistances.
Triangle Breakout In Graph Gains Traction
With the GRT price surpassing the overhead trendline, the daily chart shows a triangle breakout. This intrigues the sideline traders into a breakout entry opportunity, with an extended uptrend possibility.
As the daily chart shows the triangle breakout, the GRT price surpasses the 50% Fibonacci level. Further, the recent dump over the weekends retests the bullish breakout.
Currently, the altcoin trades at $0.3116 with an intraday gain of 3.83% which undermines the fall on Sunday. Further, this marks a post-retest reversal in the Graph token. Hence, the chances of a bull run in this token are higher.
Technical Indicator:
Will The GRT Price Reach $0.50?
With the overhead trendline breakout rally gaining momentum with a successful retest in the daily chart, the GRT price is hinting at a extended rally. Based on Fibonacci retracement levels, if the altcoin surpasses the 50% level, it could potentially reach the previous swing high of $0.45. If the bullish momentum continues, it may further advance towards the significant psychological barrier of $0.50.
