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.

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