TheGraph price is at risk of a 25% drop as whales go into a selling spree
- TheGraph price is contained inside a parallel channel on the 4-hour chart.
- A key indicator has just presented a sell signal for GRT.
- A significant number of whales have sold their GRT holdings in the past two weeks.
TheGraph price has been trading inside a defined range between $2 and $1.4 for the past week and a half. However, it seems that bears have the upper hand in the short-term.
TheGraph price faces strong selling pressure due to whales
GRT seems to be facing a lot of selling pressure in the short-term as a large portion of whales holding at least 10,000,000 coins have exited the market. Since February 21, the number of these large holders dropped from 115 to 108 currently.
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GRT Holders Distribution
Besides the pressure from the whales, the TD Sequential indicator has also just presented a sell signal on the 4-hour chart, right at the top of a parallel channel. TheGraph price could quickly drop towards $1.44, a 25% move.
GRT/USD 4-hour chart
On the flip side, the only hope for the bulls is to push TheGraph price above $2 to invalidate the sell signal and confirm a breakout above the parallel channel. This move would have a price target of $2.5.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
