The Graph Price Analysis: GRT Continues the Consolidation at 2020 Lows, What about Recovery?

The Graph price got stuck inside the consolidation phase at 2020 lows and falters to gain strong uptrend momentum to register its breakout.
GRT crypto is trading below 20, 50, 100 and 200-days Daily Moving Average.
The pair of GRT/BTC is at 0.000004954 BTC with an intraday drop of 1.66%.

Since May 15th, the graph’s price has been consolidated inside a band that is range-bound. The prolonged bear market situation that has caused Bitcoin to stall at the psychological level of $25000 is hurting other cryptocurrencies. Alternative cryptocurrencies are battling for existence as their prices are at all-time lows. The cryptocurrency market saw panic selling as a result of this existential crisis. Investors are attempting to hang onto their own holdings despite the cryptocurrency’s high volatility. As it teeters at a record low, GRT is one of the digital currencies going through an existential crisis. Cryptocurrency investors need to be as solid as people with diamond hands during this turbulent time. Diamond-handed individuals won’t be as eager to liquidate their investments.

The graph price is now CMP at $0.106, down 1.86% in terms of market value from the day before. However, during the intraday trading session, the trade volume fell by 22.23%. This indicates that buyers are contacting sellers to withdraw GRT coin. Volume to market cap ratio is 0.1604.

The price of the GRT coin is significantly downtrending on the daily price chart. The cryptocurrency asset has fallen back into the consolidation phase near the 2021 lows as a result of the ongoing bear market. The GRT coin price has to draw more buyers if it is to rise back to the higher price range of the consolidation period. For GRT currency to cross the daily chart, the volume change, which is currently below normal, needs to rise.

What do Technical Indicators Suggest about GRT?

The Graph price is heading sharply lower over the daily price chart. GRT coin has to gather support from buyers in order to speed toward the top price range of the consolidation phase. The momentum of the GRT coin’s downturn is shown by technical indicators.

The relative strength index (RSI) illustrates the downward movement of the GRT coin. The RSI is edging closer to oversold territory at 39. The MACD shows a bearish momentum for the GRT coin. The MACD line is lower than the signal line following a negative crossover. GRT investors need to keep an eye on the daily chart for any changes in trend.

Conclusion

Since May 15th, the graph’s price has been consolidated inside a band that is range-bound. The prolonged bear market situation that has caused Bitcoin to stall at the psychological level of $25000 is hurting other cryptocurrencies. Alternative cryptocurrencies are battling for existence as their prices are at all-time lows. The cryptocurrency market saw panic selling as a result of this existential crisis. Investors are attempting to hang onto their own holdings despite the cryptocurrency’s high volatility. The GRT coin price has to draw more buyers if it is to rise back to the higher price range of the consolidation period. The momentum of the GRT coin’s downturn is shown by technical indicators. The MACD line is lower than the signal line following a negative crossover. GRT investors need to keep an eye on the daily chart for any changes in trend.

Technical Levels

Support Level: $0.100 and $0.095

Resistance Level: $0.115 and $0.120

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.