- 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.
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.
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.