Posted 10 minutes ago
The Graph token is definitely one of the top performers for the second month of 2023. The price of the token has seen a significant inflow since February 1st and has shown strong upward momentum throughout the week. As of press time, the GRT price is trading at the $0.17 mark and has doubled its market value in just one week. However, the technical indicator is displaying an overbought signal indicating that new traders should be cautious.
- The formation of a rounded bottom is a sign that investors are slowly accumulating an undervalued currency, increasing demand and ultimately pushing prices higher.
- A bullish breakout of $0.15 resistance puts the Graph token up 38%
- Intraday trading volume on the Chart is $435 million, indicating a 44% gain.
The last six months of price action has seen the formation of a rounding pattern on the daily time frame chart. This bullish reversal pattern is characterized by a gradual decrease in price followed by a steady increase, creating the shape of a “U” or rounded bottom.
Anyway, the significant expansion could be attributed to the connection between the Graph protocol and the tokens related to artificial intelligence (AI), as the market is currently excited about AI after the launch of ChatGPT by OpenAI .
Thus, the GRT price shows a 35% intraday jump and broke through the $0.15 neck resistance of a rounded bottom pattern. Huge bullish candle supported by higher volume indicates buyer’s confidence to get higher levels.
So with this breakout, token buyers can have a significant base to ride future upside rallies. In a favorable bullish scenario, the post-split scenario can push the price 38% higher to reach the $0.24 level.
Also Read: Top 10 DeFi Lending Platforms in 2023
That said, such a rapid recovery may not be sustainable and therefore, a correction phase is required before the uptrend resumes.
RSI: The daily RSI slope at 87% displays an oversold sign suggesting that the chart price may consolidate above the $0.15 level to fuel the bullish momentum. Additionally, the token price near $0.15 could be a good opportunity for interested traders.
EMA: Rising 20-50 and 100 day EMA are some early signs of a sustained uptrend
Intraday Token Chart Price Levels
- Spot rate: $0.178
- Trend: Upward
- Volatility: Low
- Resistance levels – $0.21 and $0.24
- Support levels – $0.175 and $0.15
The content presented may include the personal opinion of the author and is subject to terms of purchase. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.