Graph Token Price Back On Recovery Track Aims For 20% Upswing
The crypto market turned strongly bullish in the last two days, as the January CPI data of 6.4% was released by The U.S. Bureau of Labor Statistics. As a result, the Graph token price rebounded from the $0.141 support and jumped 17.3%. Furthermore, this bullish reversal also revealed the formation of a double bottom pattern in a four-hour time frame chart.
Key Points:
- The formation of a double bottom pattern indicates the Graph token sustainability above the $0.14 support.
- A bullish breakout from $0.175 resistance for entry opportunity for traders with a 20% gain on the horizon
- The intraday trading volume in the Graph is $313 Million, indicating a 120% gain.
Source- Tradingview
Along with a majority of major cryptocurrencies, the Graph token price entered a correction phase at the beginning of February 2023. As a result, the coin price tumbled 32.5% from the local top of $0.21 and reached a local support zone of $0.14-$0.135.
Furthermore, the GRT price consolidated above this support for a few days and showed the formation of a double bottom pattern. This chart pattern forms when the prices rebound from the same support and showcase a ‘W’ shape structure.
Moreover, on February 14th, the crypto market turned bullish and bolstered the GRT price to breach the $0.1675 neckline resistance. The post-breakout rally has surged the token price by 4% to reach the current price of $0.174.
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Thus, in response to this pattern breakout, the Graph token is likely to rally 20% and rechallenge the $0.21 swing high.
Technical Indicator.
RSI: The daily RSI slope jumped above the midline, indicating the market participant are feeling positive about this coin
EMAs: An upswing in 20, 50, 100, and 200 EMAs indicate a GRT price is under a strong recovery rally. Moreover, these EMAs could offer strong support to buyers during occasional pullbacks.
Graph Token Price Intraday Levels
- Spot rate: $0.173
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.21 and $0.25
- Support levels- $0.165 and $0.14
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