Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and is the opinion of the author only
- GRT posted a sharp decline as bears took control of the market.
- Short-term selling pressure was still high at the time of writing.
chart [GRT] It reached a crucial support level, but the prevailing selling pressure could undermine the strong recovery. BRT price was rejected at $0.2321, which sent the price lower. Year-to-date, the BRT price has fallen by more than 25%, from $0.2321 to $0.1674.
is reading chart [GRT] predict the price 2023-24
At press time, GRT is trading at $0.1761, indicating moderate bullish momentum that could be stifled given low volumes and increased short-term selling pressure.
Can the 50% Fibonacci level of $0.1723 hold?
Source: GRT/USDT on TradingView
The recent decline reached the $0.1674 level but found a temporary hold at the 50% Fibonacci level at $0.1723. At press time, the decline in trading volumes has weakened buying pressure and market structure.
How much is 1,10,100 GRT worth today?
Therefore, GRT may fluctuate between 50% ($0.1723) and 61.8% ($0.1864) of the Fibonacci levels in the next few hours. However, the bulls must contend with the $0.1776 barrier.
Notably, the Relative Strength Index (RSI) declined but remained bullish at 57 units. However, Chaikin Money Flow (CMF) showed sideways movement above the zero line, showing a battered but flat market that may be entering a price consolidation.
Alternatively, volumes could fall further, prompting the bears to break below the 50% Fibonacci level. Such an action would invalidate the bias described above. Downtrend can be contained by $0.1674 or 38.2% or 23.60% Fibonacci levels.
Sentiment declined as short-term selling pressure increased in GRT
Source: feeling
According to Santiment, the GRT has seen a sharp decline in weighted sentiment, which indicates a waning investor confidence in the asset. However, sentiment remained positive, confirming that BRT was weakening but could attempt to recover.
However, the recovery may be subdued by the short-term selling pressure seen at press time. Notably, GRT noticed an oversupply on the exchanges, which indicated that more tokens were being moved to the exchanges for offloading, leading to short-term selling pressure.
On the other hand, OTC supply has decreased, showing little demand for BRT at the time of writing. As such, the potential recovery of GRT could be capped by a sideways trading opportunity. But a strong bullish or bearish BTC would negate the above bias as GRT will assume a specific price direction based on the movement of the king coin.
Source: feeling