GRT Price Analysis: Bulls taking command of the trend

• The token has shown bullish actions in the previous sessions.
• The pair of GRT/USDT is trading at the price level of $0.0949 with a gain of 5.64% in the past 24 hours.

The Graph (GRT) coin is gaining traction and showing strong bullish momentum,  a strong bullish candle forming on the daily time frame. The token has gained more than 70% after bouncing off the demand zone.

GRT token on the daily time frame

After a pullback, the token is on the rise, with bulls driving up the price. According to the daily chart, GRT token is currently trading at $0.0949, up 5.64% in the last 24 hours. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The next resistance level of $0.0989 awaits the token, and it will be interesting to watch if the token can break and sustain above this level.

Relative Strength Index: The asset’s RSI curve is currently trading at 73.89, indicating that it is in the overbought zone. The recent increase in the price of the token has increased the value of the RSI curve. The RSI curve has crossed over the 14 SMA, indicating that the market is bullish. If the bulls can continue their bullish momentum and the token can break and sustain above the resistance level, the RSI curve value will remain in the overbought zone.

Analyst view & Expectations

The token is on a bullish trend after breaking the Descending triangle pattern, and volumes are increasing. Investors who want to buy now can do so because the token has entered a short-term uptrend, while those who want to trade safely can wait for the token to break and sustain above the $0.0989 resistance level to gain additional confirmation on the trend’s direction. Intraday traders, on the other hand, have a good opportunity to go long and book profits based on their risk to reward ratio.

According to our current The Graph price prediction, the value of The Graph will fall by -5.37% and hit $ 0.088766 in the next few days. Our technical indicators indicate that the current attitude is Neutral, with the Fear & Greed Index reading 52. (Neutral). Over the previous 30 days, the graph had 19/30 (63%) green days and 15.63% price volatility. According to our The Graph prediction, now is a good time to buy The Graph.

Technical Levels

Major support: $0.0727

Major resistance: $0.0989

Conclusion

According to the price action, bulls are in control of the trend and forming a bullish chart pattern. Investors can buy the token now since it has entered a short-term uptrend. It remains to be seen whether the bulls can continue their momentum and hit new highs.

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

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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