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During today’s trading activity in The Graph’s market, it broke through the upper limit of a sideways price channel. However, it is also evident that shortly after this occurred, headwinds attempted to restrict further upside price movement in this market. Let’s observe the developments unfolding in this market.
GRT Statistics:
Current The Graph Value: $0.3068
GRT Market Cap: $2,884,659,492
GRT Circulating Supply: 9,483,285,631
The Graph Total Supply: 10,797,493,157
The Graph CoinMarketCap Rank: 40
Key Price Levels:
Resistance: $0.3100, $0.3500, and $0.4000
Support: $0.3000, $0.2500, and $0.2000
The Graph (GRT) Is Facing an Uphill Challenge
As mentioned earlier, price activity in The Graph’s daily market managed to break through the resistance at the $0.3044 price level. Analyzing the price action pattern, it is apparent that the market has been oscillating between the mentioned resistance and the support at the $0.2344 price mark.
The last price candle piercing through the mentioned resistance exhibits an upper shadow, indicating that headwinds are exerting downward pressure on price movements. Nevertheless, the Stochastic Relative Strength Index (SRSI) indicator lines have just delivered a bullish crossover above the 80 level of the indicator. This suggests that upside forces may be robust enough to withstand the pressure and continue the upward correction.
GRT Bulls Retain the Lead Above the Broken Resistance
The 4-hour The Graph market indicates persistent upside forces. The new session has commenced above the resistance at $0.3044, with the corresponding price candle appearing green. Although the last price candle appears relatively small at the moment, it could develop into a more significant movement, considering its position above the crossed Guppy Multiple Moving Average (GMMA) indicator lines.
However, a convergence can be observed on the SRSI indicator, with these lines in the overbought region. Consequently, despite the position of price action above the GMMA lines, headwinds present a threatening appearance. Therefore, traders should exercise caution and utilize crypto signals with targets around the $0.3400 mark.
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