The Graph (GRT) price spikes 17%: Can bulls break above $1.00 this weekend?

2 months ago 20
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GRT is 1 of the altcoins to rally harder arsenic BTC rebounded supra $46,000

The Graph (GRT) terms has reached a caller play precocious of $0.95, with bulls presently battling to interruption higher arsenic Bitcoin and Ethereum's surges person a affirmative effect connected the altcoin market.

The terms of the indexing protocol token has accrued by much than 36% successful the past week and implicit 57% successful the past 2 weeks. As of writing, GRT is changing hands astir $0.93.

Can The Graph terms spell up and interruption supra $1.00 implicit the adjacent 2 days? Let's concisely look astatine the GRT terms from a method perspective.

The Graph price outlook

Although GRT/USD has pared immoderate of the aboriginal greeting gains arsenic profit-taking limits upside moves, buyers look to clasp the precocious hand.

On the 4-hour chart, upward sloping moving mean curves suggest further spot for a bullish continuation.

The Awesome Oscillator confirms the momentum is with the bulls arsenic the histogram continues to summation wrong the bullish zone.  If the terms breaks supra the $0.95 barrier, it could widen towards $1.00 and spot bulls deed the level past reached successful May. 

GRT/USD 4-hour chart. Source: TradingView

The method representation for GRT/USD suggests a breakout could spot the token's terms rally 33% to the 1.618 Fibonacci retracement level of the plaything from $0.97 to $0.44. The people is astatine the $1.31 level, with imaginable gains besides astatine $1.40 and $1.50.

If the terms fails to wide the absorption astir $0.95, contiguous enactment lies astir the erstwhile absorption turned enactment portion adjacent the $0.89 zone. Below this anchor, we person the 20 SMA ($0.82) and 50 SMA ($0.75). 

GRT/USD regular chart. Source: TradingView

The regular illustration besides shows 4 consecutive higher candle closes, with the enactment of a 3 extracurricular up candle formation. There was a hint of indecision wrong the marketplace this week, but that has swiftly flipped affirmative with higher moves amid a aureate transverse formation.

The momentum is intelligibly with the bulls arsenic shown by the Awesome Oscillator. Bulls tin spell for the 2.618 Fib retracement level ($1.85) if they interruption supra $1.31 level and prolong upside momentum implicit the adjacent fewer days. 

If there's a breakdown astatine existent terms levels, bears' archetypal targets prevarication astatine the 0.5 Fib level ($0.70) and the 0.236 Fib level ($0.57).

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