https://ift.tt/LuvMKGH Graph price analysis: GRT gains 16 percent as bulls rally towards $0.478

TL;DR Breakdown

• The Graph price analysis is bullish.
• Resistance for GRT is present at $0.503.
• The support level is present at $0.445.

The Graph price analysis shows price recovery after a long bearish slide. Bulls covered a good upwards range today from $0.402 to $0.478, which brought bright prospects for the token. The bulls have been quite aggressive today as previously GRT/USD pair was on the decline for the past week, losing significant value at the hands of the bearish trend. But the bulls fought back for their position yesterday and marked a good win today by taking the price up. Now the next resistance mark is $0.503 for the bulls to break through.

GRT/USD 1-day price chart: Bulls gain momentum after a big loss

The one-day The Graph price analysis shows that the bullish momentum has been recovered in the past 24-hours. Although the cryptocurrency faced loss in the past few days, the bulls are now on their way towards achieving their next target. The price is now settling at the $0.478 mark, gaining more than 16 percent value during the last 24 hours. The trading volume has also increased by 161 percent over the last day.

The volatility for GRT/USD pair is mild as the Bollinger bands, after converging previously, are now covering less area, with the upper band at $0.501 representing the strongest resistance and the lower band at $0.369 representing the lowest support for GRT, the average is forming at $0.435 the price is trading above the mean average of the indicator.

After the latest upturn, the price has crossed its moving average (MA) value, i.e., $0.450, and the SMA 20 continues to trade above the SMA 50 curve. The relative strength index (RSI) is on a steep upwards slope at index 52, indicating increasing buying activity in the market.

The Graph price analysis: Recent developments and further technical indications

The 4-hour The Graph price analysis shows bulls are continuously leading the price function for the past few hours, dodging the bearish trend, as a continuation of green candlesticks can be seen on the 4-hour chart as a result of an aggressive bulls rally.

The volatility is high on the 4-hour chart, and the price is trading near but above the upper limit of the Bollinger bands on the 4-hour chart. The upper band at $0.472 represents support for GRT/USD, and the lower band is present at $0.369. The vast expansion of the Bollinger bands shows the highly volatile situation for cryptocurrency. The RSI has moved near the border of the overbought region but is still in the upper half of the neutral zone and is placed at index 68. The RSI being neutral still indicates the buying interest from investors.

The Graph price analysis conclusion

The Graph price analysis suggests the price is on the rise, and no bearish signs have been detected as of today. If support from investors remains persistent, then GRT/USD may break above the $0.503 mark by tomorrow. For intraday traders, the price levels are expected to correct during the coming hours as the bulls might be exhausted after 24 hours rally, which has recovered most of the losses incurred during the last week.

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