Ongoing Correction Sets Graph Price For 10% Drop; Should You Enter This Dip?
After an explosive rally in early February, the Graph token price went through a correction phase after hitting the $0.21 ceiling. The ongoing retracement is important for this token as it stabilizes the assets’ price and replenishes bullish momentum. Here are the levels you should watch if looking for any entry opportunities in this dip.
Key Points:
- Amid the ongoing consolidation, the Graph token price could find sufficient demand pressure near the $0.148 and $0.13 support levels.
- A golden crossover between the 50-and-200-day EMA is a strong buy signal which could attract more long orders in the market.
- The intraday trading volume in the Graph is $102.4 Million, indicating a 41.04% gain.
Source- Tradingview
Under the influence of a famous bullish pattern called rounding bottom pattern and the increased popularity of tokens associated with AI technology, the Graph token price witnessed a significant inflow for the first week of February.
The coin price rallied 150% from the February 1st low(0.888) and reached a nine-month high of $0.232. Anyhow, the buyers couldn’t sustain above the $0.21 resistance and revered immediately. The resulting correction plunged the altcoin to local support of $0.148, checking price sustainability at higher levels.
By the press time the graph token price trades at the 0.1699 mark with an intraday gain of 3%. Furthermore, the token price continues a sideways trend as buyers are still trying to recuperate bullish momentum.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
If the selling pressure persists, the coin holders should look for $0.148 and $0.13 support that can hold the coin price higher and bolster buyers to resume the prior uptrend.
On the other hand, the $0.185 and $0.21 resistance will be important milestones whose breakout will offer confirmation for an uptrend continuation.
Technical Indicator.
RSI: The daily RSI slope moving sideways above the midline indicates the market sentiment remains bullish.
EMAs: the 20-day EMA moving near the $0.1483 and the 50-day EMA moving near the $0.13 level strengthen the support power of these levels.
Graph token Price Intraday Levels
- Spot rate: $0.167
- Trend: Bullish
- Volatility: High
- Resistance levels- $0.185 and $0.21
- Support levels- $0.148 and $0.13
- Crypto Market Correction Intensifies As S&P 500, Dollar Index Enter Dangerous Territory
- BitGo To Follow Gemini’s Footsteps With US IPO After 4x Revenue Surge
- Michael Saylor Predicts Bitcoin Will Outperform S&P 500 Forever
- Crypto Market Eyes Upside as FTX Set to Repay $1.6B to Customers
- Elon Musk’s X Vows Crackdown on Bribery Network Behind Crypto Scam Accounts
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
