- GRT Token made a bearish reversal after the completion of the head and shoulders pattern
- The coin is at its long term support zone of $ 0.42
- The coin has formed an ascending triangle pattern on the hourly chart
GRT Token has completed the formation of a head and shoulder pattern. The head and shoulder pattern is a bearish reversal pattern and the coin tends to be bearishly dominated after the completion of the pattern. However, the coin is at its long-term support at $ 0.42 and the coin could take support at this zone. It remains to be seen over the next few trading sessions if the coin will continue its bearish trend. The coin started the formation of the head and shoulders pattern in the month of August and completed the pattern during the current month. The base of the head nad shoulder pattern is the immediate resistance for the coin.
GRT Token has been on an ascending triangle pattern over the last few days. The coin was initially in a diverging wedge pattern before breaking the support zone of the pattern to form the current ascending triangle pattern. The coin has formed the $ 0.43 zone as the short-term resistance zone and the upward sloping trend line as short-term support. The coin looks to trade in the current zone for the next few trading hours before making a directional change and traders must keep a close watch on the price level of the coin for a possible reversal.
The coin has been on an ascending triangle pattern over the last few days on the hourly chart. The coin earlier started a bearish reversal post the formation of the head and shoulders pattern. It remains to be seen if the coin will continue on its bearish reversal or make a bullish reversal over the next few days.
Support: $ 0.42
Resistance: $ 0.58
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