Claim $500Graph 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.
Also Read: Top 10 DeFi Lending Platforms In 2023
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
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.
Premium Partners
Related Articles
- BlackRock Hints at a Big Sell-Off As $27B In Crypto Options Expire
- Aave DAO vs Labs: Aave Founder Pledges Clearer Economic Alignment as DAO Rejects Brand Asset Transfer
- Universal Exchange Bitget Partners UNICEF to Equip Youths to Thrive in the Digital Economy
- Will Crypto Market Crash as Over $27B in Bitcoin, ETH, XRP, SOL Options Expire Today?
- Trust Wallet Hack Update: CZ Speaks Out on $7M Loss, Promises Support
- Cardano Price Eyes a 40% Surge as Key DeFi Metrics Soar After Midnight Token Launch
- FUNToken Price Surges After MEXC Lists $FUN/USDC Pair
- Bitcoin Price on Edge as $24B Options Expire on Boxing Day — Is $80K About to Crack?
- Crypto Market Rebounds: Are Bulls Positioning for a Santa Rally?
- XRP, Bitcoin, Ethereum Price Predictions Ahead of Jan 2026 CLARITY Act and US Crypto Reserve Plans
- Pi Network Analysis: Pi Coin Price Surges on Christmas Eve, Can It Hit Year-End Highs?
