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.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely

Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely

Bitcoin is trading above $67,000 on Sunday after securing support at $65,000. While BTC holds its gains steady, analysts evaluate the price trend of the largest asset by market capitalization and predict a deeper correction in Bitcoin. 

More Bitcoin News

AI tokens could really ahead of Nvidia earnings

AI tokens could really ahead of Nvidia earnings

Amidst other narratives, AI tokens could gather momentum with the upcoming earnings result of NVIDIA next week. The $2.3 trillion company’s stock emerged as a poster child for the crypto AI sector and gains in the stock catalyzed a rally in cryptocurrency tokens. 

More Cryptocurrencies News

Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback

Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback

Lookonchain identified a large wallet investor who rotated capital from Solana based meme coin Dogwifhat to Doland Tremp and Bonk. The two meme coins have added double-digit value to their prices in the past 24 hours, as seen on CoinGecko. 

More Solana News

Crypto political donations surge to $94 million pre election, exceed previous elections by 13%

Crypto political donations surge to $94 million pre election, exceed previous elections by 13%

Crypto industry giants supported political campaigns in the US looking for pro-crypto governance in the US. A Bloomberg report from May 17 shows that crypto donors have spent $94 million in an effort to get pro-crypto regulation in the US. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis