The Graph Price Flaunts Incoming Rally – Will GRT Reach $1 in 2023?

The Graph price appears to have woken up, this time with a bang, as bulls look forward to propelling GRT past $1.00. Over 10% gains have come in over 24 hours as the Web3 protocol, which provides access to blockchain data rebounded from support at $0.41.

Selected technical indicators like the Moving Average Convergence Divergence (MACD) indicator show bulls holding the reins. As The Graph price exchanges hands at $0.185, the question is – will bulls weaken a critical but strong resistance at $0.20?

There has been a slight dip in the 24-hour trading by 2.18% to $279 million. If the drop carries on, it would prove difficult to sustain GRT’s uptrend. Remember decreasing volumes often suggest investors are more concerned about booking profits and locking in gains.

However, it is too early to tell if bears have a chance to unsettle the bulls, especially with the crypto market being generally bullish this week. The US Consumer Price Index (CPI) data suggested inflation was easing on a year-by-year basis. However, prices in the greenback nation went up on a month-by-month basis compared to the previous month.

The uptick in prices across the board may be attributed to investors positively digesting the CPI data. Some experts believe riskier markets like crypto have not adjusted to the Federal Reserve decision to hike interest rates by 0.25 basis points earlier this month.

The Graph price is on the brink of igniting a massive rally, but first, buyers must move swiftly to crack resistance at the 50-day Exponential Moving Average (EMA) (in red) at $0.21 on the weekly chart. A confirmed break and hold above this key hurdle would suggest that buyers have the upper and probably call more buyers to join the anticipated rally to $1.00.

A sustained buy signal from the MACD adds credence to the optimistic outlook for The Graph. Traders with solid long positions in GRT can confidently ride the building trend toward $1.00 as long as the MACD line in blue stays above the signal line in red.

Furthermore, a break into the positive region above the mean line at 0.00 will affirm the bullish grip on The Graph price. Investors would be looking forward to cashing out their profitable positions at $0.52 – a resistance highlighted by the 100-day EMA (in blue). Although, stubbornly bullish traders may decide to wait until GRT price tags $1.00.

The Graph Price Levels To Watch – Daily Time Frame

The MACD maintains the buy signal in shorter time frames, starting with the daily chart. As observed below, the momentum indicator currently holds within the positive region while the MACD line in blue upholds the divergence above the signal line. The green histograms above the mean line (0.00) might encourage bulls to sit tight.

The Graph is about to send another major buy signal with the formation of a golden cross. Notice the 50-day EMA closing in on the 200-day EMA (in purple). Traders look forward to this pattern because of its tested accuracy in fostering upswings in selected assets. Some trading pairs have in the past launched new bull markets following the golden cross.

Therefore, the stakes for a bullish outcome in The Graph could increase significantly with the incoming golden cross. For now, buyers must focus on pushing the immediate barrier at $0.20 into the rearview mirror to open the door to gains eyeing $0.25, $0.50, and $1.00 levels, respectively.

If bulls are overwhelmed by the same hurdle, The Graph price may settle for consolidation between $0.15 and $0.20 before the next breakout attempt. On the other hand of the fence, a break below $0.15 could leave The Graph in the sharp bearish claws with losses to $0.10 staying within reach.

GRT’s technical outlook has been sustained in the four-hour time frame, with the token holding significantly above all the applied moving averages like the 50-day EMA, 100-day EMA, and 200-day EMA.

The MACD upholds the buy signal on the shorter time frame chart after rebounding from the negative region. Investors should consider leaving their long positions in GRT in place as long as the MACD line in blue sustains the positive divergence above the mean line.

In case of a trend reversal, the momentum indicator would flaunt a sell signal. In this case, traders would be looking out for the MACD line crossing beneath the signal line and generally falling toward the mean line.

On the upside, the hurdles are still in check at $0.20, $0.25, and $0.50. Traders may decide to lock in the gains as The Graph price tags these levels. The first two breakouts above $0.20 and $0.25 would set the pace for an expected move to $0.50 and $1.00, respectively. Therefore, bulls should collect enough liquidity before launching another attack.

Buy The Graph Now.

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