$GRT In today’s analysis, I will review
#GRT for you. The Graph project is one of the key infrastructures of DeFi, with most projects like Uniswap and
$AAVE relying on this protocol for data extraction. This analysis is conducted in the daily timeframe.
📅 Daily Timeframe: Short-Term Uptrend with Volume Convergence
On the daily timeframe, the price was in an accumulation box and exited it after breaking above 0.2003. The strong buying volume has introduced upward momentum to the market.
🔍 Following the price increase and reaching the resistance at 0.3387, the coin corrected alongside Bitcoin and returned to the 0.2003 area.
✨ The price shadow touched the 0.618 Fibonacci level and, so far, has held well above 0.2003, forming a box between 0.618 and 0.382 Fibonacci levels. I believe if the price stabilizes above 0.382, it can resume its upward movement and potentially break the resistance at 0.3387.
📈 Breaking 0.3387 is considered a risky trigger for spot purchases but seems like an excellent trigger for futures trading. If the RSI stabilizes again above 57.36, the market momentum will remain bullish, increasing the likelihood of breaking this resistance.
🛒 The next resistance, representing the high wave cycle, is at 0.4574 and is a significant trigger. Breaking this level in both spot and futures trading could offer a great position. It is crucial for volume to increase and market momentum to turn bullish as the price approaches this area.
✅ The first target for the movement, upon breaking 0.4574, is the resistance at 0.7443, which is suitable for spot trading. For higher targets, I will update the analysis later as the price reaches this resistance to determine further targets based on market conditions.
🔽 If a deeper correction occurs and 0.2003 is broken, the bullish momentum will be completely lost. The price will need to form a new structure within the box between 0.1319 and 0.2003. Breaking below 0.1319 would signal bearish momentum in the market, presenting an opportunity for short positions.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️