The Graph Price Analysis: Is GRT Prepared for its Breakout from the Descending Triangle Pattern?

  • The Graph price is trading at the verge of the descending triangle pattern over the daily price chart.
  • GRT crypto is trading below the 20, 50, 100, and 200-day Daily Moving Average.
  • The pair of GRT / BTC is at 0.000004963 BTC with an intraday gain of 1.62%.

The Graph price is trying to register its breakout from the descending triangle pattern over the daily price chart. GRT must accumulate buyers in order to escape the pattern. All other altcoins have also started their recovery as Bitcoin, the traditional cryptocurrency, recovered above $ 20000 level and is now trying to sustain above it. GRT is also preparing for its breakout and is trying to surge out of the descending triangle pattern. GRT must maintain the uptrend momentum to sustain at the upper trendline of the descending triangle pattern.

The Graph price is presently CMP at $ 0.101 and has gained 3.17% of its market capitalization in the last 24-hour period. However, trading volume has decreased by 22.64% in the intraday trading session. This shows that sellers are trying to pull the token back from the descending triangle pattern. The volume to market cap ratio is 0.04872.

GRT coin price is trying to sustain at the upper trendline of the descending triangle pattern over the daily price chart. The token must accumulate buyers in order to sustain at the upper trendline. However, bears are trying to short the market and are trying to pull GRT back inside the descending triangle pattern. However, volume change can be seen below average and needs to grow for GRT to escape the declining pattern.

GRT bulls Sustain or get Detained?

GRT coin price has been declining through a descending triangle pattern over the daily price chart. The token is trying to sustain at the upper trendline but looks like it struggles to register its breakout. Technical indicators suggest the uptrend momentum of the GRT coin.

The relative Strength Index showcases the uptrend momentum of the GRT coin. RSI is at 42 and is moving towards neutrality. MACD exhibits the bullish momentum of the GRT coin. The MACD line is ahead of the signal line and is heading towards 0 to enter the positive zone.

Conclusion

The Graph price is trying to register its breakout from the descending triangle pattern over the daily price chart. GRT must accumulate buyers in order to escape the pattern. All other altcoins have also started their recovery as Bitcoin, the traditional cryptocurrency, recovered above $ 20000 level and is now trying to sustain above it. However, bears are trying to short the market and are trying to pull GRT back inside the descending triangle pattern. However, volume change can be seen below average and needs to grow for GRT to escape the declining pattern. Technical indicators suggest the uptrend momentum of GRT coin. The MACD line is ahead of the signal line and is heading towards 0 to enter the positive zone.

Technical Levels

Support Levels: $ 0.092 and $ 0.089

Resistance Levels: $ 0.107 and $ 0.115

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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