- The trading volume of the Graph token in the last 24hr at the time of writing this article is +21%
- The price of GRT/BTC and GRT/ETH at the time of writing this article is 0.00001516 BTC and 0.0002166 ETH, respectively.
- The price broke the support of 20 MA and is now taking support of 50MA.
Long term view:-
Looking at the daily chart time interval, we can see the price is near the support after a big bearish move where the price is now near the 50MA, which is also the support. Let’s have a look at the technical indicator to see if the price will make a reversal from the support or the bears are going to take the price more down. First, we can see the MACD, which is showing red histograms as the MACD line is below the signal line, and there is no sign that the lines will change direction soon.
In addition to that, we can see the RSI is in the neutral zone near 45, and the RSI line is pointing towards the oversold zone of 30, which means the bears are winning the fight against the bulls in the order book. The moving averages are also changing their direction as 20MA is changing its direction and will head towards the 50MA soon. The 20MA is above the 50MA, and the 50MA is above the 100MA, which is a bullish sign, but this won’t stay long if the 20MA changes.
Short term view:-
In the 4hr time interval, we can see the RSI is in the oversold zone of 30, which means the token is oversold, and now we can see the bulls will make a comeback soon. The MACD shows red histograms as the MACD line is below the signal line, and there is no sign that the lines will quickly change their direction. The Moving average is showing a bearish sign as the 20MA is below the 100MA and the 50MA is above the 100MA, but the 50MA is heading towards the 100MA. If it crosses, then the trend will become more bearish.
Lastly, the RSI is oversold, and the still the RSI line is pointing towards the 20 mark, which means the bears are winning the fight against the bulls.
Conclusion:-
Looking at the long term and short term, we can see the trend is still bearish as the RSI is still pointing towards the 20 mark, which means the bears are pushing the price more, and the MACD is also showing red histograms as the MACD line is below the signal line. So the trend is bearish, but we can soon see the bulls coming back from the support but need a good amount of volume to complete a trend reversal.
RESISTANCE:- $1.07,$1.25
SUPPORT:- $0.76,$0.62