The Graph (GRT) unfortunately failed to hold our support and formed another lower low. So we are in a clear downtrend.
We are currently trading at around USD 0.06 and thus directly at Fib 1,414. level, which initially offers us support. Nevertheless, we shouldn't assume that this is the bottom.
We still have a chance after Fibonacci the 1,618 Fib. Level at around USD 0.03 to test as support. This would mean another 40% dump.
Which suggests that we have formed the preliminary bottom with a lot of volume and a strong momentum. This could come sooner or later.
Although we broke out of the overriding falling wedge chart pattern in the daily chart, this went hand in hand with a sideways phase, which does not indicate a breakout.
Since then, a new falling wedge has formed, which we should now keep an eye on. According to technical analysis, this behaves very nicely on the trend lines.
We have already seen up and down touch points. It could get interesting when we approach the area around USD 0.075, as this is where the upper edge of the pattern lies and at the same time a wick which we recently formed.
If we manage to take this out with a daily close and at the same time start a breakout from this pattern, the price target is around USD 0.15.
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