GRT Technical Analysis: Price Showing Bullish Signals

Ankita  |  Oct 26, 2021

The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. The Graph team includes professionals from the Ethereum Foundation, OpenZeppelin, Decentraland, Orchid, MuleSoft leading up to the IPO and acquisition by Salesforce, Puppet, Redhat, and Barclays. The Graph is working to bring reliable decentralized public infrastructure to the mainstream market.

Let us look at the technical analysis of GRT.

Past Performance

GRT opened on 26 October 2021 at $0.7691. The uptrend continued across the week, after which it closed on 25 October 2021 at $0.9491. This was a positive weekly change of 23.4%.

TradingView Chart

GRT Technical Analysis

The uptrend is continuing even now. However, the price took support at $0.751 on 19 October 2021. Today, the price is showing bullish signals as it is trading 1.22% above the previous day’s close. Currently, it is trading at 1.0507.

OBV is showing an uptrend in its graph. This means that the buying pressure is dominating the selling pressure these days. This is a positive signal, meaning that the traders may take a long position.

RSI is again on an uptrend, currently at 72.44%, showing a bullish signal. The GRT traders may take a long position. However, it is currently in the overbought region, which means that the trend may reverse itself as well.

MACD is confirming the uptrend, This can be seen as the fast line and the slow line, both are moving in the upward direction. Also, the histogram is forming a hill, giving bullish signals. Thus, the traders may take a long position based on this.

Day-Ahead and Tomorrow

Fib numbers show that the GRT price has crossed the pivot at $0.91. The next Fibonacci pivot point is at $1.09.

Thus, the traders may take a long position here as the indicators are giving bullish signals. They can keep the target at $1.2 while keeping the stop-loss at $0.9454.

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