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The Graph (GRT) Bulls Make a Comeback: What’s the Next Target?

The price of The Graph (GRT) has rebounded from a crucial support area and broken out of a short-term pattern. It is likely to continue rising in the near future.

Weekly Outlook

The price of The Graph (GRT) had declined since being rejected at the $0.23 resistance zone in the first week of 2024 (red arrow).

However, the subsequent weeks’ price decrease occurred slowly, forming weekly candles with long lower wicks, indicating that the bullish side is buying strongly on minor dips.

Indeed, the GRT price bounced back from the 0.5-0.618 Fibonacci retracement support of the entire previous uptrend (green arrow), a common area where corrections often end.

The weekly RSI is above 50 and trending upward, indicating that the bullish side is in control of the market.

Therefore, the GRT price could rise to the $0.23 resistance zone in the near future. This corresponds to a 23.81% increase from the current price.

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GRT/USDT weekly chart . Source: TradingView

Short-Term Breakout

The 4-hour chart shows that the GRT price has broken out of a short-term ascending triangle and confirmed it as support on February 12th (green arrow).

This indicates that the correction from the $0.23 resistance zone has concluded, and the GRT price is in another uptrend.

The 4-hour RSI remains above 50 and is trending upward, supporting the possibility of further upward movement.

Therefore, the GRT price could rise to the nearest horizontal resistance zone at $0.198 in the next few days.

GRT/USDT 4-hourly chart . Source: TradingView

Conclusion

Technical signals suggest that the GRT price will continue to rise in the near future. The immediate target is $0.198, with a potential higher target at $0.23.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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