Published 8 hours ago
The last six months of price action in Graph coin shows the formation of a rounding bottom pattern. It is displayed as a U-shaped recovery, where a steady downtrend shifts to an uptrend after a brief period of consolidation or side trend. Thus, its core concept showcases a remarkable example of a trend reversal. Here’s how this bullish reversal pattern may influence Graph coin’s future price
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Key Points:
- This rounding bottom pattern is seen as a sign of accumulation by investors and is confirmed when the price of the asset breaks above a neckline resistance level.
- A bullish crossover between the 50-and-100-day EMAs additional buying orders in the market
- The intraday trading volume in the Graph is 220 $illion, indicating a 181% gain.
Source- Tradingview
Amid the new year recovery, the Graph coin price rallied 112% higher since January 1st and reached the current price of $0.116. This bullish rally breached several resistances with increasing volume indicating a sustained recovery phase,
Moreover, on February 5th, the coin price pierced a multi-month resistance of $0.1065-$0.105, offering buyers significant footing to continue the course’s bullish rally. Today, the GRT coin shows try to follow up on the resistance breakout with a 2% intraday gain; however, the prices are struggling to break a local resistance of $0.12.
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The long-wick rejection attached to the daily candle indicates exhaustion in bullish momentum which could lead to a minor pullback. Anyhow, a potential correction could benefit the Graph coin price by stabilizing the excessive buying and checking where it can sustain a higher price.
Thus, if the buyers manage to hold above the newly reclaimed levels, the post-retest rally could drive the prices 30% higher to hit $0.15.
Technical Indicator.
RSI: The daily RSI slope reentering overbought region indicates the buying sentiment in the market is aggressive
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EMAs: the 20- EMAs act as dynamic support to the fast-recovering Graph coi
Graph Coin Price Intraday Levels
- Spot rate: $0.115
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.12 and $0.1334
- Support levels- $0.165 and $0.058
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/1defying-market-uncertainty-the-rising-graph-coin-aims-30-upswing/
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