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.

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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