The Graph Price Forecast: GRT mulls an over 30% upswing as it nears crucial demand barrier

  • The Graph price is trading at the lower trendline of an ascending parallel channel.
  • A bounce from here could trigger GRT into a 30% upswing to $2.2.
  • Transactional data shows stiff resistance ahead that could prevent a swift move upward.

The Graph price has been trading inside an ascending parallel channel for almost a month. A bounce from the lower trendline could kickstart a bull rally for GRT.

The Graph price waddles near a critical level

GRT has been forming higher highs and higher lows since February 23. An ascending parallel channel forms by connecting the swing highs and lows using trendlines. Although this setup forecasts a bearish outlook, the Graph price has not breached the lower boundary yet.

Hence, expecting a bounce from the lower trendline seems likely. In such a case, The Graph price could see a 30% bull rally to the local top at $2.2. However, this trajectory will not be a cakewalk due to the 23.6% Fibonacci retracement level at $1.83.

Therefore, bulls need to push the Graph price through this supply barrier to reconfirm GRT’s bullish potential.

GRT/USDT 4-hour chart

GRT/USDT 4-hour chart

While the upside scenario seems likely, it is not fixed. In case of a breach of the parallel channel’s lower trendline, the Graph price could be in for a steep correction. 

Supporting the bearish scenario is IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, which shows little to no support for The Graph price. 

On the other hand, IOMAP cohorts reveal relatively strong resistance levels from $1.73 to $1.93. In this range, nearly 11,500 addresses that purchased 161.43 million GRT are “Out of the Money” and might sell their holdings to break even if the Graph price ever rises. 

The Graph IOMAP chart

The Graph IOMAP chart

Hence, a breach of the ascending parallel channel setup at $1.64 could see the Graph price drop 9% to $1.49 or 16% to $1.36.

As seen in the 4-hour chart, the aforementioned price points are 50% and 61.8% Fibonacci retracement levels and serve as stable demand barriers.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Solana price eyes a return to $120 as confidence in SOL fades

Solana price continues to face some strong technically and fundamentally bearish scenarios. In addition, concerns about Solana’s network stability and scalability remain. Those concerns continue to weigh in on the bearish price action ahead.

More Solana news

MATIC on the march to $3 but must hold this support zone or face strong selling pressure

MATIC price action has fallen below the rising wedge for the second time in January; the first occurrence was on January 8. The Kijun-Sen is the final support zone, and if it fails, MATIC could drop 20%. The recent fundamentals are bullish.

More Polygon news

Top 3 Price Prediction: Crypto market seems ready to rally

Bitcoin price continues to sit on top of the neckline of a head-and-shoulders pattern, generating anxiety amongst bulls and bears alike. Ethereum price is testing the daily Tenkan-Sen as a support zone that could turn into a higher low.

More Bitcoin news

Dogecoin liquidity deepens as DOGE goes live on Thorchain

Thorchain announced earlier today that the Dogecoin liquidity pool is live on the decentralized liquidity network. As on-chain activity would increase, the deep liquidity fuels a bullish narrative for Dogecoin price. 

More Dogecoin News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis