- GRT price shows a sensational bullish comeback to reclaim the broken support trendline in the daily chart.
- The bull run approaches the $0.20 mark and hints at a longer uptrend to prolong the channel formation.
- The bull run may shortly cross the overhead resistance trendline to challenge the $0.25 mark.
With a bearish first week in 2024, the GRT price failed to bounce back from the long-coming support trendline, leading to a breakdown. However, with the recent improvement in market spirits, the GRT price has regained bullish momentum.
Recovering the lost trendline and forming a triple white soldier pattern, the GRT price shows a sharp jump this week. Hence, with the newfound momentum, the Graph token price can scale a new 52W high in 2024.
For a more detailed approach to the potential price trend of The Graph, check out our GRT price prediction.
Source- Tradingview
The increased trading volume trend from 2023 continues to 2024, with the high volumes supporting the GRT price trend. Further, the recent pushback from buyers to sustain dominance over the $0.15 mark reflects strong demand at lower levels.
The bullish trend accounts for a significant jump of 18% in the last three days, with a minimal intraday growth of 1.44%. From the technical chart, the high volumes support the recovery trend and form a triple white soldier pattern. This increases the possibility of a bullish trend as the pattern highlights trend continuation.
Currently, the GRT price trades at $0.1898 with a minimal intraday move, forming a potential Doji candle.
Technical Indicators:
RSI Indicator: The daily RSI line gradually reverses from the nearly oversold zone, teasing a jump above the neutral line.
MACD Indicator: Thanks to the recent comeback from the bullish side, the MACD and Signal lines are preparing a turnaround. With a potential reversal before crossing below the zero line, the MACD indicator may shortly signal a reversal trend.
Will The GRT Price Reach $0.25?
With the buyers stepping in at the $0.15 mark, the bull run chances in the Graph token price shoot up. Moreover, the chances of a prolonged rising channel improve significantly with the overall market recovery.
The GRT price might soon surpass the psychological mark of $0.20. If things go well, the uptrend might surpass $0.20 and challenge the $0.25 mark. However, a reversal below $0.1753 could cause the token value to drop to $0.15.
