Anticipated Graph Price surge suggests an impending rally; possibilities pondered: could GRT attain $1 by 2023?
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The Graph price has just woken up with a bang, aiming to push GRT beyond $1.00. Yesterday, the Web3 protocol showed a 10% surge, rebounding from support at $0.41.
The bulls have taken control, as indicated by selected technical indicators such as the Moving Average Convergence Divergence (MACD) indicator. With the Graph price currently trading at $0.185, the question remains - can bulls conquer the strong resistance at $0.20?
There's been a slight dip in the 24-hour trading by 2.18%, bringing the total to $279 million. If this trend continues, sustaining the GRT uptrend could become difficult. Keep in mind, decreasing volumes often signal investors aiming to lock in profits.
However, it's too early to tell if bears are flexing their muscles to unsettle the bulls, especially given the generally bullish sentiment in the crypto market this week. The US Consumer Price Index (CPI) data suggested that inflation was easing on a year-by-year basis. Yet, on a month-by-month basis, prices rose compared to the prior month.
The price increase across the board may be due to investors positively digesting the CPI data. Some experts believe that riskier markets like crypto have yet to adjust to the Federal Reserve's decision to raise interest rates by 0.25 basis points earlier this month.
The Graph Eyeing $1.00
The Graph price is on the verge of igniting a massive rally, but it's crucial for buyers to move swiftly to break through the resistance at the 50-day Exponential Moving Average (EMA) at $0.21 on the weekly chart. A successful break and hold above this crucial hurdle would indicate that buyers are in control, potentially paving the way for an uptrend reaching $1.00.
A sustained buy signal from the MACD supports this optimistic outlook for The Graph. Traders with long positions in GRT can confidently hold their course and ride the trend toward $1.00, as long as the MACD line remains above the signal line.
A move into the positive region above the mean line would further confirm the bullish hold on The Graph price. Investors would be eager to cash out their profitable positions at $0.52, a resistance highlighted by the 100-day EMA. Despite a bullish attitude, determined buyers may choose to wait until the GRT price tags $1.00.
GRT Levels to Watch - Daily Time Frame
The MACD maintains the buy signal in shorter time frames, starting with the daily chart. As observed, the momentum indicator lies within the positive region while the MACD line maintains the divergence above the signal line. The green histograms above the mean line (0.00) might encourage bulls to keep calm and carry on.
The Graph is on the verge of sending another significant buy signal through the formation of a golden cross. Notice the 50-day EMA about to meet the 200-day EMA. Traders love this pattern because of its proven accuracy in stimulating upswings in selected assets. Indeed, some trading pairs have initiated new bull markets following the golden cross.
As such, the stakes for a bullish outcome in The Graph could increase significantly with the upcoming golden cross. For now, buyers should focus on clearing the immediate barrier at $0.20 before aiming for $0.25 and $1.00, respectively.
If bulls fail to overcome the same hurdle, The Graph price might settle for consolidation between $0.15 and $0.20 before the next breakout attempt. On the contrary, a break below $0.15 could expose The Graph to sharp bearish claws, with losses to $0.10 within reach.
GRT's technical outlook remains intact in the four-hour time frame, with the token holding notably above all moving averages, including the 50-day EMA, 100-day EMA, and 200-day EMA. The MACD retains the buy signal on shorter time frame charts, rebounding from the negative region. Investors should keep their long positions in GRT in place as long as the MACD line maintains the positive divergence above the mean line.
If a trend reversal occurs, the momentum indicator would display a sell signal. In this scenario, traders should look out for the MACD line crossing beneath the signal line and generally heading toward the mean line.
On the upside, obstacles are still in place at $0.20, $0.25, and $0.50. Traders might decide to lock in their gains as the Graph price reaches these levels. The first two breakouts above $0.20 and $0.25 would set the stage for an anticipated move to $0.50 and $1.00, respectively. Therefore, bulls should gather enough liquidity before launching another assault.
*Buy The Graph Today.*
Alternatives to Buy Now
Before diving into GRT, investors may want to explore some of the hottest crypto presales on the market. Our team of experts evaluates various tokens every week to curate a list of the best altcoins to buy for your growing crypto portfolio.
For instance, Meta Masters Guild (MEMAG) is an innovative web3 and gaming cryptocurrency project gathering attention in the market. In a few weeks, their presale has managed to accumulate an impressive $4.57 million and continues to sell out in no time.
Unlike other play-to-earn ecosystems, MEMAG concentrates on creating enjoyable games for users. Players can earn a special in-game currency called Gems, which can be exchanged for MEMAG tokens and staked to earn even more rewards.
Meta Masters Guild is championing a different approach by staying faithful to the ethos of decentralized networks.
MEMAG is creating the cryptocurrency sector's most sustainable play-to-earn gaming guild by attracting game creators who aim to build engaging experiences that reward players and allow them to own and trade their in-game assets.
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- The bullish sentiment in the crypto market, especially the altcoins like The Graph, is being influenced by the positively digested US Consumer Price Index (CPI) data and the Federal Reserve's decision to raise interest rates.
- The Graph, currently at $0.185, aims to push beyond $1.00, considering the 10% surge and the bullish trend indicated by selected technical indicators such as the MACD.
- The NFT community and tech-savvy investors are keenly watching The Graph's outlook in finance as a successful break and hold above the resistance at the 50-day Exponential Moving Average (EMA) at $0.21 could pave the way for an uptrend reaching $1.00.
- As a result of the developing technology in the blockchain and crypto market, alternative cryptocurrencies like Meta Masters Guild (MEMAG) are gaining attention, offering opportunities for diversified investing beyond major coins like The Graph.
