Anticipated GRT Price Surge - Is a $1 Mark for Graph Attainable in 2023?
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Today, The Graph (GRT) has seen a spark of life, notching up a robust 10% surge in just 24 hours. Following a bounce from support at $0.41, the Web3 data powerhouse is eyeing a potential breakout past the $1.00 mark.
The MACD indicator suggests that the bulls are in charge, with the current GRT exchange rate hovering around $0.185. However, one question remains unanswered – will they be able to shatter the $0.20 resistance before it becomes too tough to crack?
Trading volumes have dipped by 2.18% to $279 million in the past day, stirring concerns that investors might be more focused on securing profits. Bear in mind that decreasing trade volume often signals caution among investors.
Despite the slight pullback, the overall market sentiment remains bullish this week, with easing inflation rates hinted by the US Consumer Price Index (CPI) data. However, prices across the board have increased from the previous month, which could be due to investors' positive response to the CPI data. Some market experts speculate that crypto assets haven't fully adjusted to the Federal Reserve's decision to increment interest rates by 0.25 basis points earlier this month.
Breaking the $1.00 Barrier for The Graph (GRT)
The Graph's price rise is inching closer to triggering an epic rally, but it's essential for buyers to swiftly smash the resistance at the 50-day Exponential Moving Average (EMA) at $0.21 on the weekly chart. Once the Archers breach and hold above this significant threshold, it would signal that buyers are in control and are ready to fuel the anticipated rally aiming for $1.00.
The bullish outlook for The Graph is fortified by the MACD trend, with traders holding long-term positions in GRT confidently riding the upward trend toward $1.00 as long as the MACD line stays above the signal line. A move into the positive zone above the mean line will confirm the bulls' strong grip on the GRT price, prompting investors to consider cashing out their profits at $0.52 – a resistance cited by the 100-day EMA. Although, some matchstick-headed traders might opt to wait until GRT tags $1.00.
The Graph Price Levels to Watch – Daily Time Frame
The MACD maintains its buy signal in the daily chart, promising a green run. As you'll see, the momentum indicator currently resides within the positive region, bolstered by the MACD line that sustains the positive divergence above the signal line. The emerging green histograms above the mean line (0.00) hint at a positive vibe for holders.
The Graph is anticipating a significant buy signal with the forthcoming golden cross. Watch as the 50-day EMA inexorably inches toward the 200-day EMA (in purple). This pattern is highly valued because of its accuracy in fostering upswings for selective assets, including sparking new bull markets for some trading pairs.
Therefore, the potential for a bullish outcome in The Graph could substantially increase with the incoming golden cross. For now, buyers need to push past the immediate obstacle at $0.20 to open the gateway to gains with $0.25, $0.50, and $1.00 investors' eyeful, respectively.
If the bulls experience a setback at the $0.20 barrier, The Graph might consolidate between $0.15 and $0.20 before the next breakout attempt. Conversely, a drop below $0.15 might leave The Graph vulnerable to the fierce claws of bears with losses heading towards $0.10.
GRT remains well-supported in the four-hour time frame, with the token currently perched significantly over all the moving averages, including the 50-day EMA, 100-day EMA, and 200-day EMA. The MACD upholds the buy signal on the shorter-term chart after rebounding from the negative region. Investors are advised to keep their long positions in GRT intact as long as the MACD line remains above the positive divergence.
In case of a reversal, the momentum indicator might showcase a sell signal. Traders should be on the lookout for the MACD line to cross beneath the signal line and generally migrate towards the mean line.
On the positive side, the obstacles remain in control at $0.20, $0.25, and $0.50. Traders might decide to book their profits as The Graph price touches those levels. The first two breakouts above $0.20 and $0.25 would pave the way for a projected move to $0.50 and $1.00, respectively. Therefore, investors should gather adequate liquidity before launching another charge.
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Investors intrigued by altcoins may find The Graph (GRT) an attractive choice, given its bullish outlook in the finance scene, bolstered by technology. GRT is poised for a potential breakout past the $1.00 mark, with the bulls in control as suggested by the MACD indicator. Furthermore, Meta Masters Guild (MEMAG), an upcoming play-to-earn gaming ecosystem, could be another lucrative addition to crypto portfolios, considering its remarkable presale success and potential for sustainable growth in the finance and technology sectors.
