Falling under the crucial support zone near $0.1128, the GRT coin price falls by 5.38% in the last three days. However, the downtrend takes support at the support trendline of the triangle pattern.
Currently, the GRT price shows an intraday fall of 0.94% and hints at the bearish breakdown of the triangle pattern.
Failing to stay afloat above the 61.80% Fibonacci level at $0.1128, the GRT prices find excessive selling pressure leading to multiple bearish candles. The falling prices with an increase in trading volume warn of a bearish breakout.
Technical indicators like the RSI and the MACD indicator display a solid bearish phase. The RSI line falls below the midline and approaches the halfway line. Meanwhile, the MACD and signal lines enter the negative territory with growing bearish histograms.
Starting a negative trend from the 61.80% Fibonacci level, the breakdown rally can plunge the GRT coin price by 14.5%. Finding the next support level at $0.086 at 78.6% Fibonacci level, the Graph price might end the bullish dominance at the $0.10 psychological mark.
If the GRT buyers hold off the selling spree at $0.086, a bullish reversal can challenge the $0.1128 overhead ceiling. Moreover, an early reversal as a retest of the breakdown is possible from the $0.10 mark.
