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Home» Markets»The Graph (GRT) jumps 17% as BTC rebounds above $46k

The Graph (GRT) jumps 17% as BTC rebounds above $46k

rocketman 15 Aug 2021 Markets Comments Off on The Graph (GRT) jumps 17% as BTC rebounds above $46k 239 Views

GRT is one altcoin that has rallied harder since BTC rebounded to above $46,000

The Graph price (GRT) has hit a new weekly high at $0.95. Bulls are currently trying to break higher, as Bitcoin’s and Ethereum’s surges have a favorable effect on the altcoin markets.

The indexing protocol token’s price has risen by over 36% in the last week, and more than 57% in two weeks. GRT currently trades at $0.93

Is it possible for The Graph to go up and exceed $1.00 within the next two trading days? Let’s take a look at the GRT prices from a technical standpoint.

The Graph price outlook

GRT/USD lost some of its early morning gains due to profit-taking limits upside moves. However, buyers seem to have the upper hand.

The 4-hour chart shows that the moving average curves are upwardly sloping, which suggests further strength for a bullish continuation.

The Awesome Oscillator confirms bulls have momentum as the bullish histogram keeps increasing within the bullish area.  If the price is above the $0.95 threshold, it could reach $1.00 where bulls will be at the May level. 

Chart for GRT/USD 4 hours Source: TradingView

GRT/USD’s technical picture suggests that a breakout could lead to the token’s price rising 33% to 1.618 Fibonacci levels of the swing from $0.97 – $0.44. The $1.31 target level is the most likely, but there are also possible gains at $1.40 and 1.50.

If the price cannot break the resistance of $0.95, immediate support is located around the $0.89 support zone. Below this anchor, the 20 SMA ($0.82) is visible and the 50 SMA ($0.75) is visible. 

Chart of the GRT/USD daily. Source: TradingView

Daily charts also show four consecutive higher closes with the formation a three-outside up candle formation. The market was somewhat indecisive this week but has since turned around with positive moves and a golden crossing formation.

According to the Awesome Oscillator, the bulls are clearly in the ascendency. Bulls could target the $1.85 2.618 Fib Retracement Level ($1.85) if the bulls break above the $1.31 level, and maintain upside momentum for the next few days. 

Bears will seek to break down at current price levels if possible. Their initial targets are the 0.5 Fib ($0.70) or the 0.236 Fib ($0.57).

46k BTC Graph GRT jumps rebounds 2021-08-15
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Posted by : rocketman
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