GRT Technical Analysis: Price Looks Strong Ahead

The Graph (GRT) is an indexing protocol available for the developers that help to power up applications in both the Defi and Web3 ecosystem. Anyone can build a “subgraph” which is an API, that can be built and publish using The Graph (GRT). Let us look at the technical analysis of GRT.

Past Performance

On June 26, 2021, GRT opened at $0.53. On July 02, 2021, GRT closed at $0.06. Thus, in the past week, the GRT price has increased by approximately 13.45.%. In the last 24 hours, GRT has traded between $0.52 – $0.61.

https://www.tradingview.com/x/1T8aiIEt/

Day Ahead And Tomorrow

Currently, GRT is trading at $0.61. The price has increased from the day’s opening price of $0.57. Thus, the market seems bullish

The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. But, the overall market momentum is bearish. Hence, the price may decline further.

Currently, the RSI indicator is at 46.12%. It faced rejection at 39.55% and rose to this level. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a trend reversal.

The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the GRT price.

In short, when we look at all three oscillators, we can say that the price may continue to rise for a while. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

GRT Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $0.61. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.41, $0.40, and $0.23, respectively.

In the past week, the price has tested and fallen below the 38.2% FIB retracement level of $0.64. It may soon fall below the first FIB retracement level of $0.51. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.