The Graph Price Analysis: Here’s Why GRT Price Has 2x Potential Despite A Supreme Trendline Breakdown!

The post The Graph Price Analysis: Here’s Why GRT Price Has 2x Potential Despite A Supreme Trendline Breakdown! appeared first on Coinpedia Fintech News

Despite the 288% jump in the early 2023 bull run, the Graph falls under $0.10 and loses most of its gains. With extreme selling at $0.20, GRT prices fell under the influence of a resistance trendline, leading to a larger triangle formation in the 1-day chart. 

In the recent correction last week, the GRT price broke below the triangle formation, signaling a bearish turn. However, the downtrend faces solid bullish support at $0.0868, halting the weekly loss to 18%. 

Losing 58% of its market value in six months, GRT price tests the 78.60% Fibonacci level at $0.0868. This leads to finding a potential trend reversing the bullish footing for the Graph. 

Forming a double bottom pattern with lower price rejection, the GRT price can shortly shoot up. The reversal rally will retest the broken trendline and challenge the overhead resistances to reclaim the $0.10 mark. 

The spiking RSI line bounces from the oversold zone to reveal the underlying bullish framework. It even displays a bullish divergence at $0.0868, improving the chances of a strong recovery. 

If the GRT buyers hold off the selling spree at $0.086, a bullish reversal can challenge the $0.1128 overhead ceiling. Moreover, the breakout rally has the potential to reach the 2023 swing high of $0.20.

However, the long resistance trendline is still in play and can force selling pressure on the recovering trend. 

If things turn south, the $0.0868 breakdown will nullify the rest of the 69% YTD growth and plunge the GRT price to $0.0537.