The Graph's price experienced rejection at $0.4950 resistance level, leading to a significant 59.50% correction.
This led to the formation of a symmetric triangle pattern for the Artificial Intelligence (AI) token in the 1-day timeframe.
A bullish crossover was identified by the Simple Moving Average in the 1-day timeframe, indicating increased buying pressure.
The MACD displayed a consistent rise in the green histogram, accompanied by an RSI above 50, suggesting robust bullish sentiment.
Due to the increasing bullish sentiment in the cryptocurrency market, The Graph price shows significant potential for a breakout rally.
This could lead to the altcoin attempting to reach its previous high in the upcoming weeks.
If the bullish sentiment persists, GRT price may aim to test the $0.3550 resistance level over the weekend.
According to Coingabbar analysis, Conversely, a bearish trend reversal might lead to the GRT token revisiting the $0.2950 support level soon.
KEY LEVELS :
RESISTANCE LEVEL : $0.3550-$0.5000
SUPPORT LEVEL : $0.2000-$0.1400
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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