GRT Price Rises Roughly 15% In 7 Days

The Graph (GRT) is an AI coin project which aims to leverage the capabilities of AI to increase efficiency, accuracy, and automation in the crypto-currency ecosystem. The price of GRT has been bearish since the beginning of June, experiencing a significant downturn after encountering strong resistance at the $0.1527 level and subsequently plummeting to $0.096. A new support level was formed at $0.096.

The cryptocurrency’s price gained bullish momentum after reaching the $0.096 level and is currently headed toward the immediate resistance level of $0.1150. The price has crossed the major psychological level of $0.10 which is good news for investors. If bulls can push price above the immediate resistance, there is a high probability for the price to rise toward $0.135.

The candlestick pattern observed on June 1st reveals a notable extended wick to the upside, suggesting a potential price fill if it manages to surpass the $0.1350 level. In order for the GRT price to ascend towards its annual high, it requires a bullish momentum. The year-to-date return of The Graph is 101.44%, coming down from roughly 320% in the previous year. On the other hand, if bears trigger a drop after facing resistance at the $0.115 level, then the price might fall down to the recent support level of $0.096.

Factors Impacting the Recovery of The Graph

Several positive factors, including a weakening dollar index and effective inflation-tackling methods implemented in the United States, have significantly bolstered market sentiment. Furthermore, the poster boys of the crypto industry – Bitcoin and ethereum are showing increased bullish momentum. Bitcoin, on the previous day, crossed above $30,000. The momentum of both bitcoin and ethereum has also turned the altcoins bullish.

Will GRT Price Rise Above $0.115?

The price has jumped above the 20-day EMA, indicating a rise in the participation of bulls. The Chaikin money flow score is 0.10, suggesting strength in the market. Relative strength index (RSI) is at 52.13 and is upward-sloping, implying bullish momentum in the price.

However, traders should be cautious before looking for buying bids as the cryptocurrency’s price is slowly approaching the resistance level. The price has crossed the 20-day SMA of Bollinger bands positively and is rising toward the upper band.

The long/short ratio of The Graph is 1.02 with 50.5% longs and 49.5% shorts, indicating a slight increased bullish pressure over the price in the last 24 hours.

Conclusion

The market structure and price action of GRT is bullish and is approaching the resistance level of $0.115 level. The technical parameters are favoring the buying side. A break and close above $0.115 level might provide confirmation regarding the move toward $0.15.

Technical Levels

Major support: $0.096 and $0.08

Major resistance: $0.135 and $0.15

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing