TL;DR Breakdown
- GRT price analysis is bullish, up by 10.71 percent in the last 24 hours.
- The price action broke the resistance at $0.6554.
- Significant support is at $0.6420, which still holds.
After a bearish month of October, a huge bullish sentiment has engulfed the crypto market. As Bitcoin broke above the $43K price levels, the 4-hour charts were occupied by green engulfing candles. Bitcoin is currently at the $47K price level, making a bullish start for the month of October.
According to the data presented by Coinmarketcap, the market sentiment for GRT price analysis is bullish for today. The trading volume has surged to the skies by about 57.57 percent! This shows the rising interest of investors in the Graph token. The Graph network is particularly popular in the Web3 Ecosystem, and the rising interest for the cryptocurrency caused a rise of 11.46% in the coin’s market capitalization.
GRT price movement in the recent days
The highest price of GRT tokens today stands at $0.7200, while the lowest price is at the $0.6433 mark. The price action in the past few days has been slightly bearish. From 7th September, the price fell by a whopping 21.67 percent, from 1.06 USD to $0.833 USD. Thereafter, we saw a price surge of 8.03 percent and 5.55 percent, respectively, for the token on 11th and 12th September.
A whopping 14.03 percent drop for the token was seen on 20th September when the price of the coin opened at $0.81 and closed at $0.69. This was followed by another bearish drop of 6 percent on 21st September.
GRT price analysis: Technical indicators on the 4-hour chart turn bullish
According to the price movement shown in the 4-hour charts below, we can see that the token has broken out from the upper end of the Bollinger Bands, indicating high volatility. This is a very bullish scenario as the prices soar by more than 10 percent.
The bulls have taken the price above the 50-day Moving Average. This means that the buying pressure will now aim to reclaim the 100-day Moving Average on the 4-hour price chart.
The RSI levels show a massive increase in the price of the coin. A sharp positive gradient shows that the whales have entered the market. Currently, we can see that line has become flat, as the price hangs below the overbought region.
Today, the MACD indicator experienced a bearish crossover, i.e., the MACD line went above the signal line. This made the price movement turn bullish, and now, we can expect higher prices in the future. The histogram has turned green, owing to the price crossover and surge in buy orders.
GRT price analysis: Conclusion
The GRT price analysis has broken the major resistance at $0.716, and we can expect higher prices in the near future. We also a long-term price prediction for the Graph price movement. According to the Tweet by Plan B, the price movement will be bullish for the month of October, like August.
While awaiting new all-time highs for the Graph token price, have a look at our investment guides.
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