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The Graph token is definitely one of the star performers for the second month of 2023. The token price witnessed a significant inflow since February 1st and showed strong bullish momentum throughout the week. By press time, the GRT price trades at the $0.17 mark and doubled its market value in just one week. However, the technical indicator project an overbought signal indicating the new traders should be cautious.
Key Points:
- The rounding bottom pattern formation is a sign that investors slowly accumulate an undervalued coin, driving up demand and ultimately pushing prices higher.
- A bullish breakout from $0.15 resistance sets Graph token for a 38% upswing
- The intraday trading volume in the Graph is $435 Million, indicating a 44% gain
Source- Tradingview
The last six months of price action showcased the formation of a rounding bottom pattern in the daily time frame chart. This bullish reversal pattern is characterized by a gradual decrease in price followed by a steady increase, creating the shape of a “U” or a rounded bottom.
Anyhow, the significant expansion could be attributed to the connection between the Graph protocol and tokens related to artificial intelligence (AI), as the market is currently excited about AI following the release of ChatGPT by OpenAI.
Thus, the GRT price shows a 35% intraday jump and breached the $0.15 neckline resistance of a rounding bottom pattern. The massive bullish candle backed by higher volume indicates the buyer’s confidence to acquire higher levels.
Thus, with this breakout, the token buyers can have a significant footing to lead future bullish rallies. In a favorable bullish scenario, the post-breakout scenario may push the price 38% higher to hit the $0.24 mark.
Also Read: Top 10 DeFi Lending Platforms In 2023
Having said that, such a rapid recovery may not be sustainable and therefore, a correction phase is needed before the bullish trend resumes.
Technical Indicator.
RSI: The daily RSI slope at 87% projects an oversold sign suggesting the Graph price may consolidate above the $0.15 mark to refuel the bullish momentum. Moreover, the token price near $0.15 could be a good opportunity for interested traders.
EMAs: An upswing in 20-50-and-100-day EMA are some early signs of a sustained bullish trend
Graph Token Price Intraday Levels
- Spot rate: $0.178
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.21 and $0.24
- Support levels- $0.175 and $0.15
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