1 The Graph price is currently trading at $0.111 with a loss of -0.54 during the intraday session. 2 GRT price trades below 20,50,100 and 200-day EMAs. 3 The year-to-date return of The Graph is 100%. GRT price has been declining since the bullish rally which started in June was h...
- 1 The Graph price is currently trading at $0.111 with a loss of -0.54 during the intraday session.
- 2 GRT price trades below 20,50,100 and 200-day EMAs.
- 3 The year-to-date return of The Graph is 100%.
GRT price has been declining since the bullish rally which started in June was halted as the price faced strong rejection from $0.1438. The bullish rally led to a rise of approximately 49% and the formation of July 2023 high at $0.1438. After the correction, the stock price formed support at $0.1140.
The price then entered into a narrow consolidation zone ranging between $0.1140 and $0.1230. Recently, the cryptocurrency price shattered the support of $0.1140, and the previous candle retested in the consolidation zone.
The previous candle closed with a long upper wick indicating the presence of bears above the $0.11 level. The current candle is bearish and has broken the low of the previous candle. If the bearish momentum sustains, the price might drop toward the next support level of $0.1050. For the move to play out, the candle needs to close below $0.11.
On the other hand, if the price can stay above $0.11 and gain bullish momentum, there is a possibility that the price might re-enter the consolidation zone and target $0.1230.
The AI-crypto token recorded the lowest trading volume and a lack of price volatility. This makes The Graph token, one of the most stable parts of the crypto market. These tokens have experienced the lowest trading volume since the start of 2023.
However, integration with major platforms like Uniswap indicates strong developer adoption. An increasing utility and a fixed token supply make GRT a well-positioned long-term investment.
The market capitalization has decreased by 1.99% to $1,009,562,095. The 24-hour trading volume has also declined by 23.38%. The price is down 96.14% from the all-time high of $2.88.
Will GRT Price Sustain Above $0.11 Level?
The cryptocurrency price has crossed 20,50,100 and 200-day EMAs negatively indicating bearish momentum in the price. The 20-day EMA is acting as a resistance as the price faced strong rejection from it.
Chaikin money flow (CMF) score has dropped below the 0 mark and currently trades at -0.02 implying slight weakness in the market. However, since 23 July 2023, CMF has increased from -0.20 to -0.02 suggesting that bulls have started to enter the market.
The relative strength index has also dropped below the 45 mark suggesting a rise in bearish momentum. The bands of Bollinger have squeezed, signifying low volatility in the market. The long/short ratio is 1.004 with 50.06% longs and 49.94% shorts suggesting almost the same pressure from bulls and bears in the last 24 hours.
Conclusion
Technical indicators suggest that the price is in bearish momentum and favoring the selling side but traders should wait for the price to close below $0,.11.
Technical Levels
- Major support: $0.105 and $0.096
- Major resistance: $0.123 and $0.135
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.