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Breakout Rally Could Propel The Graph (GRT) Price by 60%

Despite heightened price volatility in the crypto market, Bitcoin has successfully reclaimed the $65,000 mark. Additionally, top altcoins have experienced significant gains, signaling a shift towards a more optimistic market sentiment.

The Graph (GRT) has shown substantial positive momentum, rising nearly 16% in the past 24 hours. With a bullish breakout from its symmetrical triangle, could GRT reach $0.50 by Q2?

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The Graph (GRT) Token Eyes Breakout Rally Amid Market Optimism

Following rejection at the $0.4950 resistance level, The Graph (GRT) price experienced a significant drop, losing 53.03% of its value. This decline led to the formation of a symmetric triangle pattern on the 1-day time frame.

Currently, GRT is trading at $0.3116, up 16.21% in the last 24 hours, with a trading volume of $214.061 million, marking a 147.99% increase.

Key Points:

  • Resistance Level: $0.4950
  • Current Price: $0.3116, up 16.21%
  • Trading Volume: $214.061 million, up 147.99%

With a bullish sentiment prevailing in the cryptocurrency market, GRT has a strong potential for a breakout rally, aiming to reach higher levels in the coming weeks.

Graph Market Sentiment

The Simple Moving Average (SMA) shows a bullish crossover on the 1-day time frame, indicating a significant increase in buying pressure in the cryptocurrency market. Meanwhile, the Moving Average Convergence Divergence (MACD) displays a consistent rise in the green histogram, signaling strong bullish momentum.

The averages also show a steady increase, suggesting a positive outlook for The Graph (GRT) price in the near future.

GRT Price Chart

Will the GRT Price Reach $1?

If bullish trading persists, GRT will likely test its resistance level of $0.3550 over the next weekend. Should the market sustain this level, the token could target the upper resistance of $0.4225 this month.

Conversely, if the trend reverses, GRT will test the support level of $0.2950. Continued bearish control could push the price below the lower support level of $0.2325 soon.

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ABOUT THE AUTHOR See More
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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