Following on from our previous GNT analysis, the price broke through the ascending trendline which was previously acting as support. The support zone at $0.074-0.077 found price consolidate for a period of time. This was followed by a small breakout to the downside, to the 78.6 Fibonacci region, from which price managed to rebound off.
This was a promising sign, had we seen a daily candle close below this region, we could have been headed to the $0.054 baseline level. However, the price has managed to come back into the aforementioned support zone, and we will look for a clear day (ideally weekly) closure above this region before confirming upside bias. We may then see a re-test of the trendline, now acting as support before heading back to the $0.098-$0.102. Any upside break of this should see price drive up to $0.118-0.122.