GRT to Fall Below $1.78 – Technical Analysis
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GRT to Fall Below $1.78 – Technical Analysis

February 23, 2021      Ankita Awasthi

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. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data.

Past Trends in GRT

The opening price of GRT on February 18, 2021, was $2.18. As of February 22, 2021, the closing price of GRT was $2.02. Thus, the GRT price had dropped by approximately 7% in the past 5 days.

In the past 24 hours, GRT has been trading between $1.03 and $2.03.

GRT Price Analysis

https://www.tradingview.com/x/GqTP34MV/

How GRT Looks Ahead

Currently, GRT is trading at $1.58. The opening price of GRT was $2.02. Thus, the GRT price is downtick.

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The RSI is currently at 54%. Half an hour back, it was below the 30% mark into the ‘oversold’ region. Thereafter, it rallied and reached the current level. Thus, buying pressures are slowly overtaking the GRT market. We can expect an intermittent price rise.

The A/D line is falling steeply. Thus, whale distribution is higher than accumulation. The OBV line is declining too. This means there is heavy offloading activity in the market.  Hence, selling pressures are high. Thus, the price is likely to fall further.

The ADX line was rising but has gradually started declining again. There is a bearish divergence. Thus, any price rise is just a price correction amidst a strong bearish trend. Thus, the price will start declining again.

The AO is positive and showing strong buy signals. The stochastic oscillator has just crossed the 80% mark and entered the ‘overbought’ region. This is a strong signal for swing traders to buy GRT. Thus, we can expect the price to go up.

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Besides, the MACD and signal lines are positive. A bearish crossover by the MACD line over the signal line indicates that buying activity is slowly picking up. Thus, we can expect an intermittent price rise.

In the last 24 hours, the price has tested the 76.4% and 61.2% FIB retracement levels of $1.86 and $1.75 respectively, and fallen below them. Now, the price is inching closer to the 38.2% FIB retracement level of $1.58. As the downtrend is still strong, we can expect the price to fall below it. It may even close below the 23.6% FIB retracement level of $1.47 today.

Currently, the price is well below the Fibonacci pivot point of $1.78. At the end of the day, it is likely to fall below the first Fibonacci pivot support level of $1.50. We can expect the price downtrend to continue tomorrow as well.

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#GRT #The Graph
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.