The Graph price analysis shows bullish signs today. GRT/USD price has taken an upward turn after breaking downwards at the start of the trading session. The coin was consolidating after 1 June 2022 and has taken an upwards breakout today as it rallied high towards $0.167 gaining a good amount of value. Today’s upturn has provided a cushion to the coin’s value as the price has increased today and is still moving up as the bullish momentum seems strong.
GRT/USD 1-day price chart: Price resettles at a $0.297 position after bullish efforts
The 1-day price chart for The Graph price analysis shows the price has been on the rise today. The next test is the resistance of $0.180, which seems to be conquered soon if the bullish momentum continues. The GRT/USD pair is trading hands at $0.167 at the time of writing, while the coin gained a value of more than 12 percent during the last 24 hours and a value of more than 23 percent over the past week.
The volatility is decreasing but as the price is racing, the Bollinger bands may start to diverge again. The upper band is present at the $0.177 mark representing the resistance and the lower band is present at the $0.131 mark representing the support; the price has also traveled above the mean average of the indicator which is present at the $0.154 mark.
The relative strength index (RSI) is on an upwards curve moving towards the centerline of the neutral region at 45 indexes. The RSI started moving up today, the RSI indicator though neutral shows an increasing buying activity in the market.
The Graph price analysis: Recent developments and further technical indications
The 4-hour price chart for The Graph price analysis shows the volatility for the coin has increased enormously during the last few hours, as can be seen on the 4-hour chart, and the price has traveled outside the upper limit of the Bollinger bands today, as the candlesticks can be seen going out and above the upper band, indicating the strengthening bullish momentum.
The relative strength index (RSI) in the 4-hour chart has reached near the overbought limit at index 66 but has taken a turn now. The RSI is now trading at a horizontal line hinting at the resistance from the bearish side, but the indicator shows a strong positive sentiment for GRT/USD in the market.
The Graph price analysis conclusion
The Graph price analysis suggests a strong bullish momentum as the market is showing very positive sentiment for the cryptocurrency. The short-term and mid-term technical indications support the buying of GRT assets and show the potential of more upwards movement for the coin’s price value, as most of the technical indicators have turned neutral from negative which is a good indication for the price movement in the positive direction.
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Source: https://www.cryptopolitan.com/the-graph-price-analysis-2022-06-04/