- The Graph (GRT) The price seems to be under a consolidation phase.
- Trading volume increased by 17% overnight, to a reported $11.7 million.
- The hourly RSI indicator is suggesting a correction in price and the possibility of further bullish breakout.
The Graph (GRT) seems to be under season due to its cheap trading rates. The buyers have started ignoring it so far, hence GRT price on the hourly chart seems to be in a consolidation phase. This momentum has been going on for the past several days and a higher time frame could increase the selling momentum of the bears.
In the hourly price chart, The Graph price for the last four sessions trades inside the gray box (below the chart). The sellers were targeting a retest of the yearly low but they failed to meet the $0.050 mark. Undoubtedly, the crypto is bidding cheap so any sharp recovery in GRT Token could further add higher returns to an investor’s portfolio.
GRT Price on 4 Hour Chart
At the time of writing, The Graph price stays at $0.058 mark against the USDT. Notably the price action shows higher-lows formation when buyers defend at the $0.055 mark to ignore selling. RSI plays a key role because its peak is moving higher after turning up from the oversold zone, buyers must take advantage of this positive indication.
The buyers found a two-time higher price rejection near the 0.236 level of the fib retracement and again the price is moving towards the same level as the bulls keep their costs above the lower band of the Bollinger Bands indicator.
On the daily price chart, the RSI indicator is slowly rising and it crossed the 40 mark last night. The RSI favors a recovery in the coming days if the bulls maintain graph valuations above the previous swing low. Furthermore, the Average Directional Index (ADX) looks neutral at 18 points.
Conclusion
The Graph (GRT) may soon escape this phase of consolidation if buyers sustain the asset above the previous swing low. RSI may influence swing traders towards positive signals.
Support level – $0.050
Resistance level – $0.750 and $0.10
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/22/the-graph-price-prediction-positive-signal-seen-in-grt-price-chart-take-a-step-ahead/