- The Graph price analysis is bullish.
- Resistance for GRT is present at $0.681.
- The support level is present at $0.636.
The Graph price analysis is bullish as the token has broken past the resistance present at $0.636. The buyers were able to find support at $0.587 after a continuous downfall since 10th November when the price peaked at $1.21. After declining for a week, the token entered consolidation from 17th November till 27th November but found a breakout downwards. The present phase for GRT also looks the same as the mentioned consolidation phase, As the token is again maintaining its price level from the past week.
Overall, GRT failed to achieve any record high during the last month’s bulls market as the maximum GRT could achieve was $1.21 on 9th November, and the token has lost nearly 50 percent since then, although the $1.21 peak itself was nearly half the value of the all-time high $2.33 achieved during the Feb 2021 bull rally.
GRT/USD 1-day price chart: Price reaches $0.652
The 1-day Graph price analysis shows the token continues to cover the range upwards after two days of bullish activity; the token is trading hands at $0.652 at the time of writing while the token traded in a broader range of $0.669 to $0.644. The cryptocurrency reports an increase in value by 3.99 percent during the last 24 hours but still reports a deficit of 1.82 percent over the past week. The trading volume has increased by 94 percent, and the market has improved by 5.2 percent over the last 24 hours.
The GRT/USD is under high volatility as the Bollinger bands are covering more area, and the indicators have taken a downwards breakout as the major trend has been bearish for the past month. The upper band is now converging more as compared to the lower band going further up. The mean average of the indicator at $0.696 presents resistance for the price as it moves upwards towards above the moving average (MA)
The relative strength index (RSI) is on an almost straight angle, hinting at a slow down in the bullish momentum. However, the RSI indicator is still in the neutral range at index 41.
The Graph price analysis: Recent developments and further technical indications
The 4-hour The Graph price analysis shows some worrisome facts as the price has started to fall at a fast pace in the last four hours. The token rallied high at the start of the trading session, but the recent upset may write off the gains made today, as the bears have shown up aggressively.
The volatility is increasing on the 4-hour chart as the upper Bollinger band is now at $0.661, and the price has fallen below the upper band, so it now represents resistance for the token, which bulls converted to support previously. The lower Bollinger band is at $0.572. The RSI curve has descended down to index 56 level as well, and the downwards angle of RSI is quite steep, which indicates an intense selling activity in the market.
The Graph price analysis conclusion
The Graph price analysis reveals the token though still in greens, but the token is showing a tendency to turn completely bearish today, as the downfall observed during the last 4-hours is quite shallow and may overshadow the bullish efforts seen earlier today. On the other hand, if the token gets support once again above $0.645, then it may continue improving over the coming hours as well.
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