This is Why The Graph (GRT) Price will Skyrocket in The Near Term?
The price of The Graph (GRT) has bounced back from a significant support level and formed a bullish reversal pattern. A strong recovery could occur in the coming days.
After retesting the important support level at $0.105 during the week of May 8th to 15th, the price of The Graph (GRT) has surged upward, forming a morning star pattern (green arrow). This is a bullish pattern that often leads to a trend reversal.
Furthermore, when combining this level with the low reached by the GRT price in the week of March 6th to 13th, we can observe the presence of a double bottom pattern. This is also a bullish pattern that carries a similar significance as the morning star pattern.
Notably, it is accompanied by bullish divergence in the RSI indicator (blue line), which is another bullish signal.
Therefore, the price of GRT may retest the long-term resistance level at $0.175 in the near future.
The daily chart supports the bullish outlook derived from the weekly timeframe. It shows that the GRT price is trading inside an ascending triangle pattern, which usually leads to breakouts in most cases.
The RSI indicator has broken above the horizontal resistance level and is above 50. Such breakouts in the RSI indicator often lead to similar breakouts in price action.
Hence, the price of GRT could break above the triangle’s resistance at $0.13 in the short term. A move equal to the height of the pattern after the breakout will take the price to a target of $0.15.
Technical indicators suggest that the price of GRT is poised to break above the nearest resistance and rise further in the coming days. The target is found at $0.15, with potential higher levels at $0.175.
This perspective would be invalidated if the price breaks below the long-term support level at $0.105.
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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