The Graph Price Prediction: GRT must move out of the no-trade zone to witness a 40% rally

  • The Graph price shows a reduced volatility phase as it gets squeezed between the Bollinger Bands.
  • A decisive close above the upper range of the no-trade zone projects a 40% rally to $3.37.
  • However, a 13% correction is possible if GRT slices through the $1.96 support level. 

The Graph price has taken a hiatus after skyrocketing by 190 within 48 hours to hit a new all-time high of $2.86. Such tremendous growth could now be followed by a burst of volatility that could propel GRT by another 40%.

The Graph price gets squeezed in the no-trade zone

The Graph price has seen a considerable dry-up of its volatility since February 15 as the Bollinger Bands converge. While this indicator measures an asset's volatility, it fails to determine the direction of its trend. Therefore, a breakout from the bands will result in a highly volatile move that could head either way.

As long as The Graph price continues to trade between the Bollinger bands, it will not establish a clear trend. Hence, GRT must move out of the no-trade zone that extends from $2.36 to $1.96.

A 4-hour candlestick close above the no-trade zone indicates the potential start of a new uptrend. In this case, a build-up of bullish momentum could see GRT rally 40% to a new all-time high of $3.30. This target coincides with the 127.2% Fibonacci retracement level.

GRT/USDT 4-hour chart

GRT/USDT 4-hour chart

Investors should be careful of a 4-hour candlestick close below the $1.96 support level, as this would signal bears' presence. If this were to happen, The Graph price could pull back by 12% to the 38.2% Fibonacci retracement level at $1.70.

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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