GRTUSDT what will it do?
This is a very common pattern with new altcoins introduced to exchanges. A parabolic move followed by a bleed out period. Like all new altcoins, this period is where we see the token going into discovery mode trying to find its actual value. In case of GRT we are seeing it has somewhat consolidated around the 0.32-0.35 price level. However, considering it's a new token it's early to say whether we can assume that is the actual value.
We do see a descending triangle forming on the 4H chart which often suggests a bearish continuation pattern. However, if it doesn't break the given support area and retest the 0.32 support it's likely it will follow the channel upwards. If it breaks down and retest the 0.32 support, we might see a continuation of the downtrend.
Just a short-term observation. Take positions at your own risk.
Trade safely.
We do see a descending triangle forming on the 4H chart which often suggests a bearish continuation pattern. However, if it doesn't break the given support area and retest the 0.32 support it's likely it will follow the channel upwards. If it breaks down and retest the 0.32 support, we might see a continuation of the downtrend.
Just a short-term observation. Take positions at your own risk.
Trade safely.
Penafian
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