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Price action in The Graph’s market has undergone a consistent downward correction in recent times. This trend emerged after the price action surged past the $0.2500 mark. The mentioned upside surge concluded on March 9th, following which the market has generally retraced to lower levels. Let’s delve deeper into this market to ascertain potential outcomes.
GRT Statistics:
Current The Graph Value: $0.2663
GRT Market Cap: $2,522,212,177
The Graph Circulating Supply: 9,482,990,575
GRT Total Supply: 10,797,198,102
The Graph CoinMarketCap Rank: 44
Key Price Levels:
Resistance: $0.2700, $0.2900, and $0.3100
Support: $0.2600, $0.2400, and $0.2200
GRT Rebounds Off the $0.2500 Baseline
While the recent rebound in price action in The Graph’s market may not be extraordinary, similar occurrences have been witnessed in recent times. However, it’s worth noting that this rebound is transpiring at a psychological support level.
Consequently, the latest price candle has begun to push the price through the green Guppy Multiple Moving Average (GMMA) lines. Additionally, although the Stochastic Relative Strength Index (SRSI) lines still exhibit a downward trajectory, the leading line of this indicator is displaying a slight deflection. Nevertheless, this only reflects a rebound and hasn’t instilled much bullish hope.
The Graph’s Upside Correction May Gain More Strength
Turning to the GRT 4-hour market, one can observe that price action is surpassing significant milestones. The recent price candle has positioned the current token price above the green GMMA lines. Consequently, this has provided upside forces with an advantage over downward pressures, as traders may derive buying confidence from this development.
Similarly, the SRSI indicator lines are ascending from the overbought region. How the SRSI lines are rising at this juncture suggests that volatility may ensue, leading to more significant price movements. Therefore, traders can still employ bullish crypto signals with targets towards the $0.3000 mark, as they may present formidable resistance to price fluctuations.
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