GRT Technical Analysis: Poised to Go Down with Selling Pressures
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GRT Technical Analysis: Poised to Go Down with Selling Pressures

April 13, 2021      Ankita Awasthi

Graph is a blockchain-based indexing protocol for querying networks like Ethereum. Users can develop and publish APIs on this platform. They can retrieve subgraphs and requisite data. Thus, data becomes accessible for all. With this platform, custom servers can be fully eliminated. GRT is the main native token of this network. GRT technical analysis for the next two days:

Past Performance

On April 6, 2021, GRT started trading at $1.83. As of April 12, 2021, GRT closed at $2.01. Thus, in the past week, the GRT price has surged by roughly 10%. In the past 24 hours, GRT has traded between $1.99-$2.08.

GRT Price Analysis

Day-Ahead and Tomorrow

Currently, GRT is trading at $2. The price has declined slightly from the opening price of $2.01. Thus, the market looks neutral but probably more tilted towards a bearish trend.

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The MACD and signal lines are negative. Thus, the overall market momentum is negative. Hence, the price is likely to fall further. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, we can expect some price corrections amidst an overall bearish trend.

The OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. The negative trend is strong. Hence, we can expect the GRT price to decline further.

The RSI indicator is currently at 49%. It faced rejection at 52% and fell to the current level. Thus, selling pressures are on the higher side. Hence, the GRT price is poised to go down further.

GRT Technical Analysis

As per technical analysis, the price is inching closer to the first Fibonacci pivot support level of $1.99. Soon, it will fall below it. As the bearish forces are strong, in some time, we can expect the price to fall below the subsequent support levels of $1.97 and $1.94, respectively.

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The price has tested and fallen below 23.6% FIB retracement level of $2.01. The price is soon likely to fall below 23.6% FIB extension level of $1.96. As the bearish trend is strong, we can expect the bear-run to continue tomorrow as well.

#Graph #GRT
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.