- The Graph token (GRT) has breached the first resistance level of $0.11 amid little recovery.
- In the hourly time frame, the GRT price is trading above the green moving line of the MA ADX indicator.
- The pair price of the GRT token along with the Bitcoin is slightly up by 1.7% at 0.00000541 Satoshis.
The Graph token has breached the narrow horizontal range, where bulls continue losing their money. The price action suggests higher-low momentum in the context of the 4-hour price scale and this rapid rally is aiming to reach a $0.12-resistance level.
Despite the recent bounce, bulls still need to gather more to manage the higher zone because any minor drop may create opportunities for short-term sellers. However, bulls maintained asset price above the conceptual round level of 0.10 in the last few days, also, bulls turned the $0.11-resistance into immediate support this week.
In the matter of daily price scale and below, GRT token is increasing above the green signal line of MA ADX indicator after a month. This positive sign may raise the more bullish momentum possibility ahead. Although the GRT price is looking green by 10% this week, the token is trading at $0.0052 Satoshis at the time of writing.
Meanwhile, the market cap is reaching to complete $800 worth of GRT tokens. If bulls succeed to gather more $9.9 Million tokens, then bears may think about the short-covering till the next resistance of $1.6. Thus, traders saw a 35% hike in trading volume over the last night, recorded at $62.14 Million.
MFI Indicator Suggesting Long Build-up
Money Flow Index (MFI) helps accelerate the bullish momentum as it moves towards higher territory after reversal from the 50-mark. Similarly, the RSI indicator has broken above the 50-level (Bullish barrier) and is approaching the overbought zone on the daily price action.
Conclusion
The Graph Token (GRT) makes each daily low as a support level until the price reaches the $0.16-resistance. The RSI indicator is also moving above the halfway mark and showing a positive outlook for the GRT token.
Support levels – $0.10 and $0.08
Resistance level – $0.16 and $0.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.