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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA braces for a test of $2 amid a potential bull pennant

Cardano (ADA/USD) is extending its recovery this Sunday after a sharp sell-off witnessed a day before. ADA/USD charts a bull pennant on the 12H chart.  A test of the $2 mark appears inevitable if the bullish pattern is confirmed. RSI has regained upside momentum, well above 50.00.

More Cardano News

XLM Price risks further falls towards $0.53 amid double top reversal

XLM/USD is falling for the third straight day on Sunday. $0.53 support appears at risk after the double top reversal on the 1D chart. RSI points south towards the midline as the XLM price eases from record highs.

More Stellar News

Dogecoin: Defending 21-DMA is critical after Musk calls it a ‘hustle’

Elon Musk's appearance on 'SNL' throws DOGE under the bus. DOGE/USD extends sell-off into Sunday, hitting five-day lows. DOGE bulls remain hopeful as 21-DMA support holds, with RSI still bullish.

More Dogecoin News

Ethereum bulls gather strength for a sustained break above $4000

Ethereum bulls take a breather after Saturday’s $500 rally to record highs. The No. 2 coin eyes additional upside after rising wedge breakout on the 4H chart. RSI is in the overbought region, dip buying to keep the uptrend intact.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP