MEXCThis Chart Pattern Restricts Price Growth In Graph Token; Keep Holding?
For the past seven months, the Graph token price has been falling in response to a wedge pattern. However, during this fall, the token price has retested the pattern converging trendlines multiple times, indicating the trades are respecting this technical and should also meet its potential target after pattern completion.
Key points:
- The coin price will remain in a bear trend until the wedge pattern is intact
- The Graph price faces high supply pressure at the $0.0664 mark.
- The intraday trading volume in the Graph is $428 Billion, indicating a 202% gain
Source- Tradingview
In theory, the falling wedge pattern reflects the loss of bearish momentum as the prices turned down from the resistance trendline fail to achieve deeper correction as before. Thus, a bullish breakout from the overhead resistance will complete this pattern and trigger a direction price rally.
Coming to the current price scenario, the Graph token price showed an 11% jump earlier today. With a high volume spike, the long bullish candle tried to breach the weekly resistance of $0.0664. However, the intense supply pressure from above undermined these gains and pulled the price back below the mentioned resistance.
Over the past three weeks, this altcoin has shown numerous rejection candles at the $0.0662 resistance, indicating the sellers are actively defending this level. Thus, if the selling pressure persists, a potential bearish reversal may plunge the price to $0.0525 support.
On a contrary note, if the buyers manage to surpass the $0.0664 resistance, the prices could price 14% to revisit the patterns resistance trendline.
Technical indicator
MACD: the MACD and signal lines rising gradually indicate the gradually increasing bullish momentum. However, these slopes below the neutral line reflect that the price action is still under the seller’s control.
EMAs: the 20-and-100-day EMAs act as two dynamic resistance which assist sellers in prolonging the ongoing downfall.
Graph Token Price Intraday Levels
- Spot rate: $0.0662
- Trend: Bullish
- Volatility: High
- Resistance levels- $0.0664 and $0.0766
- Support levels- $0.058 and $0.025
- Will Crypto Market Rebound or Crash Ahead as 10X Research Tips Shorting Ethereum?
- Sam Bankman-Fried Says FTX Was “Never Bankrupt,” Crypto Community Reacts
- XRP ETF Coming This November 13 As Canary Capital Submits Updated S-1 By Removing Roadblocks
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- XRP Price Outlook as ETF Nears Possible November 13 Launch
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
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.
