• GRT price might struggle to stay above $0.5 as technicals turn bearish.
  • A recent report by Santiment indicates The Graph could be poised for a deeper correction.

The Graph has been one of the best-performing assets in the past month after getting immediately listed on Binance and Coinbase. The digital asset managed to quickly climb towards a $1 billion market capitalization in just three days. 

GRT price finally undergoes an inevitable correction

According to Santiment, the word grt was the highest trending on social media, way above Elon Musk and other coins. It’s often the case that when this metric is at its highest, the digital asset suffers a correction.

So this was a top for GRT. It could be a temporary top. Just keep in mind the power of the crowd is when everyone is talking about a token. Market goes opposite.

grt price

GRT/USD 30-minutes chart

Investors need to be extra careful as GRT price could fall lower. On the 30-minutes chart, the TD Sequential indicator has presented a sell signal which adds even more selling pressure. 

grt price

GRT/USDT 15-minutes chart

The Graph has been holding the 50-SMA support level on the 15-minutes chart for a while. However, a breakdown below this point can quickly drive GRT price towards the 100-SMA at $0.49. Failure to hold this level will push the digital asset to its last low at $0.42.

On the other hand, GRT bulls remain in control of the 15-minutes chart which is an uptrend. So far, they have defended the 50-SMA and aim to crack the last significant high at $0.543 which would push GRT price towards $0.6.

 

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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