Defying Market Uncertainty The Rising Graph Coin Aims 30% Upswing
The last six months of price action in Graph coin shows the formation of a rounding bottom pattern. It is displayed as a U-shaped recovery, where a steady downtrend shifts to an uptrend after a brief period of consolidation or side trend. Thus, its core concept showcases a remarkable example of a trend reversal. Here’s how this bullish reversal pattern may influence Graph coin’s future price
Key Points:
- This rounding bottom pattern is seen as a sign of accumulation by investors and is confirmed when the price of the asset breaks above a neckline resistance level.
- A bullish crossover between the 50-and-100-day EMAs additional buying orders in the market
- The intraday trading volume in the Graph is 220 $illion, indicating a 181% gain.
Source- Tradingview
Amid the new year recovery, the Graph coin price rallied 112% higher since January 1st and reached the current price of $0.116. This bullish rally breached several resistances with increasing volume indicating a sustained recovery phase,
Moreover, on February 5th, the coin price pierced a multi-month resistance of $0.1065-$0.105, offering buyers significant footing to continue the course’s bullish rally. Today, the GRT coin shows try to follow up on the resistance breakout with a 2% intraday gain; however, the prices are struggling to break a local resistance of $0.12.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
The long-wick rejection attached to the daily candle indicates exhaustion in bullish momentum which could lead to a minor pullback. Anyhow, a potential correction could benefit the Graph coin price by stabilizing the excessive buying and checking where it can sustain a higher price.
Thus, if the buyers manage to hold above the newly reclaimed levels, the post-retest rally could drive the prices 30% higher to hit $0.15.
Technical Indicator.
RSI: The daily RSI slope reentering overbought region indicates the buying sentiment in the market is aggressive
EMAs: the 20- EMAs act as dynamic support to the fast-recovering Graph coi
Graph Coin Price Intraday Levels
- Spot rate: $0.115
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.12 and $0.1334
- Support levels- $0.165 and $0.058
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