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- 1 GRT is currently trading at $0.099 (press time).
- 2 The GRT price recorded a decline of 13% in the last 24 hours.
The GRT price recently broke its crucial support level on the daily timeframe. Presently, investor sentiments regarding the overall market are falling in the fear zone. The price action suggests that the sellers are currently active and hold prominence in GRT tokens. As the price is breaking its important support levels, there is a strong probability that it may see a further decline in its value.
The majority of the technical indicators propose a negative outlook concerning the near future. The bulls may find it challenging to regain supremacy in the price action as the bears hold full control over the token.
The oscillators RSI and stochastic RSI at present are both trading near the oversold levels. The current value of the GRT token is $0.099 and it has a market cap of $899.97 Million.
Rise of Negative Sentiments in the GRT Price
Investors regarding the GRT price witnessed a surge in negative sentiments within the past few days. The total Bullish Sentiment metrics have depreciated by 56.63%. The buyer’s opinions may cause the price to decline further within the near future.
The Total reddit volume observed a dramatic rise of 181.8% over the previous few days.
Greed and Fear Index of the Major Market Sentiments
The majority of market sentiments observed a substantial fall of 5 points in the last few weeks, where the breaking of the neutral level holds significance. This is largely because these values have been nearly stagnant for the past few months according to the greed and fear index, provided by the Alternative (dot) me platform.
The bears are presently central to the price action, though they might renounce control to bulls within the next few months.
Technical Analysis of GRT Price
The RSI line is moving near the demand zone on a one-day chart. At present, the RSI line is trading at 31.23 points, whereas the 14 SMA is trending just below the 50 RSI point at around 46.35 points.
The stochastic RSI is trading near its extreme oversold grade, after forming a double top. The %K line may shortly give a negative interception to the %D line close to 14 points. At present, the value of the stochastic RSI is 0.00 points.
Conclusion
According to the analysis, If the price plunges, It may decline further if the buyers do not step in to provide support.
Technical Levels:
Support –$0.0800
Resistance – $0.1200
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
