For almost a month and a half, the GRT market is undergoing a correction of the previous powerful growth wave. In the range of $1.3-1.35, buyers organized a liquid zone, from which the GRT price has already bounced twice. However, starting from February 24, trading volumes fell sharply and we cannot say with certainty that there is a strong buyer in this price zone.
At the moment, buyers are trying to break through the local downward trend. The price is at the upper trendline, from which it has rebounded twice already.
Now the situation is not very predictable and it is worth waiting for either a confident breakdown of $1.86, or a rebound in the GRT price from the upper trend line of the channel.
If buyers manage to test $2.15 and then hold the range of $ 1.65-1.7, we will expect a renewal of the historical maximum and a test of the mark of $ 3.5.
However, do not forget about the alternative scenario. If buyers within this attack fail to break through the upper trend line of the falling channel, a triangle with a flat bottom will form on the chart: In this case, we will expect a breakdown of this triangle downward with a probable final target of $0.8. If this scenario starts to be implemented, we will make a new idea, since $ 0.8 is the most negative goal that can be within this scenario. ___________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!