GRT Technical Analysis: Token breaks out from the Descending triangle pattern

GRT has shown a bullish action in recent sessions
The GRT token price is bullish as it breaks descending triangle pattern on a daily time frame

After a great 2021 for both the graph (GRT) and the crypto market, things didn’t go so wonderfully in 2022. For a long time, the token has been trading in a downtrend, with lower highs and lower lows.

Token breaks out of descending triangle pattern

GRT, unlike any other cryptocurrency, is constantly falling in value, with investors losing money and no new investors ready to take the risk. The daily chart shows that GRT is now trading at $0.0596. The overall trend of the token is bearish, with lower highs and lower lows. The price is now trading below its major Moving Averages (50 and 200 EMA). (Red line is 50 EMA and the blue line is 200 EMA). Token has recently given an upward breakthrough of the Descending triangle pattern, with MACD supporting the breakout.

MACD: MACD has given a bullish crossover and token has given a bullish breakout of the Descending triangle pattern. The MACD line is blue, while the signal line is yellow. Bullish crossover occurs when the MACD line crosses the signal line in an upward direction, and vice versa.

Analyst view & Expectations

The token has broken out of the Descending triangle pattern, showing bullish momentum. A significant resistance level exists at the 50 EMA. Price will struggle to cross and remain above the 50 EMA. For a long time, the token has been unable to cross the 50 EMA. Investors should avoid buying right now and instead wait for the token to cross and sustain above the 50-day moving average (EMA) to confirm the short-term bullish trend. If the price goes below $0.0530, intraday traders have a strong chance to go short.

According to our current The Graph price prediction, the value of The Graph is expected to rise by 3.19% in the next few days, reaching $ 0.061710. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 26. (Fear). Over the previous 30 days, the graph shows 14/30 (47%) green days and 7.36% price volatility. According to our The Graph forecast, this is a good moment to buy The Graph if it remains above the 50 EMA.

Technical Levels

Major support: $0.0530

Major resistance: $0.0634

Conclusion

GRT is looking well and showing bullish momentum. Long-term investors can buy when the token crosses above the 50 EMA and sustains its position. Intraday traders can buy now and reach their targets up to the 50 EMA.

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.