The Graph (GRT) Price Could Increase By 75% In The Future, Here’s Why?
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The price of The Graph (GRT) has bounced from the long-term support zone and broken above a significant resistance level. It may have initiated a new uptrend.
Weekly Outlook
The price of The Graph (GRT) had declined since reaching the yearly high of $0.23 on February 7. During this period, the GRT price dropped to the previous resistance zone at $0.076 during the week of September 11 to 17, forming a doji candle (green arrow). The doji candle indicated weakening selling pressure at this level.
If the GRT price closes the weekly candle above the neckline of the double bottom pattern at $0.095, it would complete this pattern.
The weekly RSI has generated a bullish divergence and broken above the descending resistance line. Both are bullish signals, indicating the previous downtrend has ended.
If so, the GRT price could rise to the long-term horizontal resistance zone at $0.175. This figure corresponds to a 75% increase from the current price level.
GRT/USDT weekly chart . Source: TradingView
Breaking Important Resistance
The daily chart shows even more bullish prospects. It indicates that the GRT price has broken above a significant resistance level at $0.95, formed by the long-term descending resistance line and a horizontal resistance zone.
Breakouts above such key zones often mark the beginning of a new uptrend.
The nearest horizontal resistance is found at $0.14.
GRT/USDT daily chart . Source: TradingView
Conclusion
The most likely technical outlook suggests that the price of The Graph (GRT) has initiated a new uptrend. The immediate target is found at $0.14, with further potential up to $0.17.
This bullish perspective could be invalidated if the price retraces below $0.095. In that case, the GRT price might decline back to the long-term support zone at $0.076 once again.
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