Will GRT Finally Break Out?

The Graph (GRT) has been decreasing since reaching an all-time high price of $3.88 on Feb. 12.

Despite the ongoing decrease, GRT has broken out from a descending wedge. It has likely begun an upward movement which could potentially take it all the way to $4.

Descending Wedge

GRT has been moving downwards since Feb. 12, when it reached an all-time high price of $3.88. However, the decrease took the shape of a descending wedge, which is considered a bullish reversal pattern. 

On March 28, it managed to break out from this pattern. Currently, it is in the process of re-testing the resistance line as support. 

Technical indicators have also turned bullish. 

The MACD has given a bullish reversal signal. The RSI has crossed above 50. The Stochastic oscillator is in the process of making a bullish cross. 

The main resistance area is found at $2.09-$2.27. This is created by the 0.5-0.618 Fib retracement levels of the entire downward move. 

Afterward, the next resistance would be found at the all-time high price near $3.

The shorter-term two-hour chart shows that GRT is currently retracing after the breakout. 

While it has bounced at the 0.382 Fib retracement support, technical indicators are bearish. 

Therefore, GRT may drop to the 0.5 Fib retracement support at $1.59 or slightly lower before resuming its upward movement.

Future GRT Movement

Cryptocurrency trader @Thebull_Crypto outlined a GRT chart, stating that it has already broken out from a descending wedge.

Additionally, the wave count suggests that the token has just begun wave five (white) of a bullish impulse.

The most likely target for the top of the move is found between $3.85 and $4.13.

The target is found using an external retracement on wave four (black fib) and a Fib projection on waves 1-3 (white fib).

Conclusion

To conclude, GRT has broken out from a descending wedge and potentially begun a bullish impulse. A possible target for the top of the upward movement is found near $4.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Leave a Reply

Your email address will not be published. Required fields are marked *

bitcoin
Bitcoin (BTC) $ 34,213.00 3.72%
ethereum
Ethereum (ETH) $ 1,938.17 0.42%
tether
Tether (USDT) $ 1.00 0.43%
polkadot
Polkadot (DOT) $ 15.58 0.71%
cardano
Cardano (ADA) $ 1.33 0.36%
binance-coin
Binance Coin (BNB) $ 293.09 2.54%
xrp
XRP (XRP) $ 0.644517 1.41%
litecoin
Litecoin (LTC) $ 132.14 0.89%
chainlink
Chainlink (LINK) $ 18.30 0.01%
bitcoin-cash
Bitcoin Cash (BCH) $ 471.58 2.67%
stellar
Stellar (XLM) $ 0.258579 0.46%
usd-coin
USD Coin (USDC) $ 1.00 0.11%
dogecoin
Dogecoin (DOGE) $ 0.261292 12.36%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 34,222.00 3.45%
uniswap
Uniswap (UNI) $ 17.22 1.01%
aave
Aave (AAVE) $ 200.27 0.27%
cosmos
Cosmos (ATOM) $ 9.84 1.18%
monero
Monero (XMR) $ 207.62 3.36%
eos
EOS (EOS) $ 3.77 1.02%
bitcoin-sv
Bitcoin SV (BSV) $ 127.75 1.82%
tron
TRON (TRX) $ 0.065315 1.62%
nem
NEM (XEM) $ 0.112980 1.59%
iota
IOTA (MIOTA) $ 0.794485 0.03%
vechain
VeChain (VET) $ 0.077478 0.81%
tezos
Tezos (XTZ) $ 2.68 1.51%
theta-token
Theta Network (THETA) $ 6.92 0.51%
havven
Synthetix Network Token (SNX) $ 6.53 0.30%
avalanche-2
Avalanche (AVAX) $ 11.14 0.80%
neo
NEO (NEO) $ 33.59 0.01%
terra-luna
Terra (LUNA) $ 5.29 0.57%
dash
Dash (DASH) $ 126.45 0.60%
huobi-token
Huobi Token (HT) $ 10.46 3.59%
okb
OKB (OKB) $ 10.24 0.08%
elrond-erd-2
Elrond (EGLD) $ 65.14 1.77%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.101896 6.77%
the-graph
The Graph (GRT) $ 0.583534 0.10%
compound-ether
cETH (CETH) $ 38.74 0.05%
solana
Solana (SOL) $ 31.01 5.14%
maker
Maker (MKR) $ 2,172.82 0.39%
filecoin
Filecoin (FIL) $ 55.31 3.09%
cdai
cDAI (CDAI) $ 0.021530 0.17%
dai
Dai (DAI) $ 1.00 0.07%
ftx-token
FTX Token (FTT) $ 25.40 1.11%
celsius-degree-token
Celsius Network (CEL) $ 5.67 0.87%
sushi
Sushi (SUSHI) $ 6.68 1.15%
kusama
Kusama (KSM) $ 195.37 1.51%
compound-governance-token
Compound (COMP) $ 242.15 3.02%
zcash
Zcash (ZEC) $ 109.93 2.37%
ethereum-classic
Ethereum Classic (ETC) $ 42.12 2.18%
decred
Decred (DCR) $ 107.45 1.78%
binance-usd
Binance USD (BUSD) $ 1.00 0.10%
compound-usd-coin
cUSDC (CUSDC) $ 0.022099 0.04%
zilliqa
Zilliqa (ZIL) $ 0.075689 1.91%
uma
UMA (UMA) $ 8.58 3.00%
yearn-finance
yearn.finance (YFI) $ 30,548.00 1.05%
leo-token
LEO Token (LEO) $ 2.41 0.29%
pancakeswap-token
PancakeSwap (CAKE) $ 13.18 2.03%
waves
Waves (WAVES) $ 14.10 8.02%
near
Near (NEAR) $ 2.09 0.06%
amp-token
Amp (AMP) $ 0.061301 0.30%
0x
0x (ZRX) $ 0.650236 0.45%
huobi-btc
Huobi BTC (HBTC) $ 34,147.00 3.34%
algorand
Algorand (ALGO) $ 0.858608 4.51%
digibyte
DigiByte (DGB) $ 0.043650 3.64%
icon
ICON (ICX) $ 0.763078 0.76%
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.183381 1.01%
nexo
NEXO (NEXO) $ 1.52 4.57%
xsushi
xSUSHI (XSUSHI) $ 7.86 0.32%
ethos
Voyager Token (VGX) $ 2.25 9.64%
loopring
Loopring (LRC) $ 0.224519 5.11%
thorchain
THORChain (RUNE) $ 6.36 11.96%
ontology
Ontology (ONT) $ 0.633144 0.25%
renbtc
renBTC (RENBTC) $ 34,004.00 3.26%
nano
Nano (NANO) $ 5.03 12.17%
basic-attention-token
Basic Attention Token (BAT) $ 0.549943 1.03%
omisego
OMG Network (OMG) $ 3.79 1.28%
republic-protocol
REN (REN) $ 0.359866 5.52%
zencash
Horizen (ZEN) $ 61.32 3.76%
bittorrent-2
BitTorrent (BTT) $ 0.002515 2.48%
swissborg
SwissBorg (CHSB) $ 0.493197 5.58%
ravencoin
Ravencoin (RVN) $ 0.053636 1.36%
iostoken
IOST (IOST) $ 0.019676 9.27%
qtum
Qtum (QTUM) $ 6.03 2.22%
paxos-standard
Paxos Standard (PAX) $ 1.00 0.01%
venus
Venus (XVS) $ 19.03 3.13%
blockstack
Stacks (STX) $ 0.685976 8.29%
matic-network
Polygon (MATIC) $ 1.15 1.60%
curve-dao-token
Curve DAO Token (CRV) $ 1.66 9.53%
siacoin
Siacoin (SC) $ 0.011650 12.69%
quant-network
Quant (QNT) $ 77.80 5.89%
bancor
Bancor Network Token (BNT) $ 3.05 0.30%
reserve-rights-token
Reserve Rights Token (RSR) $ 0.022453 1.17%
fantom
Fantom (FTM) $ 0.228278 5.69%
mdex
Mdex (MDX) $ 1.65 0.10%
enjincoin
Enjin Coin (ENJ) $ 1.01 1.52%
energy-web-token
Energy Web Token (EWT) $ 6.03 3.95%
lisk
Lisk (LSK) $ 2.02 2.66%
ampleforth
Ampleforth (AMPL) $ 0.864128 0.80%
balancer
Balancer (BAL) $ 17.16 0.72%
terrausd
TerraUSD (UST) $ 1.00 0.10%
ocean-protocol
Ocean Protocol (OCEAN) $ 0.415625 2.19%
husd
HUSD (HUSD) $ 1.00 0.00%
nxm
Nexus Mutual (NXM) $ 73.93 0.83%
1inch
1inch (1INCH) $ 2.57 0.36%
bitcoin-gold
Bitcoin Gold (BTG) $ 40.62 1.25%
kyber-network
Kyber Network Crystal Legacy (KNCL) $ 1.35 2.62%
verge
Verge (XVG) $ 0.021882 0.13%
decentraland
Decentraland (MANA) $ 0.501066 0.74%
alpha-finance
Alpha Finance (ALPHA) $ 0.379272 2.78%
flow
Flow (FLOW) $ 8.63 0.47%
band-protocol
Band Protocol (BAND) $ 5.45 3.06%
status
Status (SNT) $ 0.045318 6.12%
dodo
DODO (DODO) $ 0.924092 0.62%
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 24.25 4.86%
compound-usdt
cUSDT (CUSDT) $ 0.021280 0.27%
xdce-crowd-sale
XDC Network (XDC) $ 0.057353 4.99%
staked-ether
Lido Staked Ether (STETH) $ 1,931.14 0.16%
arweave
Arweave (AR) $ 10.94 1.71%
polymath-network
Polymath Network (POLY) $ 0.147859 9.30%
safepal
SafePal (SFP) $ 0.692109 5.12%
true-usd
TrueUSD (TUSD) $ 1.00 0.06%
zkswap
ZKSwap (ZKS) $ 0.774969 5.64%
polkastarter
Polkastarter (POLS) $ 1.01 1.35%
ethlend
Aave [OLD] (LEND) $ 2.11 0.65%
helium
Helium (HNT) $ 11.73 2.47%
civic
Civic (CVC) $ 0.189363 3.01%
pundi-x
Pundi X [OLD] (NPXS) $ 0.000922 11.99%
kava
Kava.io (KAVA) $ 3.39 1.04%
golem
Golem (GLM) $ 0.237258 8.19%
harmony
Harmony (ONE) $ 0.059348 2.60%
nucypher
NuCypher (NU) $ 0.229684 2.21%
holotoken
Holo (HOT) $ 0.005915 0.23%
nusd
sUSD (SUSD) $ 1.01 0.05%
electroneum
Electroneum (ETN) $ 0.006119 0.70%
nervos-network
Nervos Network (CKB) $ 0.012430 3.51%
derivadao
DerivaDAO (DDX) $ 2.30 0.78%
district0x
district0x (DNT) $ 0.127332 0.32%
bitcoin-diamond
Bitcoin Diamond (BCD) $ 2.05 2.79%
trust-wallet-token
Trust Wallet Token (TWT) $ 0.299556 1.21%
rif-token
RSK Infrastructure Framework (RIF) $ 0.153293 5.45%
swipe
Swipe (SXP) $ 1.81 2.75%
gnosis
Gnosis (GNO) $ 145.43 0.80%
numeraire
Numeraire (NMR) $ 27.70 1.84%
rook
KeeperDAO (ROOK) $ 135.49 8.23%
kucoin-shares
KuCoin Token (KCS) $ 6.84 0.13%
btc-standard-hashrate-token
BTC Standard Hashrate Token (BTCST) $ 21.34 5.07%
aragon
Aragon (ANT) $ 3.61 2.67%
fetch-ai
Fetch.ai (FET) $ 0.204052 1.56%
litentry
Litentry (LIT) $ 2.42 1.01%
funfair
FUNToken (FUN) $ 0.017035 0.02%
chiliz
Chiliz (CHZ) $ 0.244378 4.04%
seth
sETH (SETH) $ 1,956.94 0.43%
oasis-network
Oasis Network (ROSE) $ 0.052282 0.86%
injective-protocol
Injective Protocol (INJ) $ 5.96 2.09%
vethor-token
VeThor Token (VTHO) $ 0.006585 4.08%
saffron-finance
saffron.finance (SFI) $ 310.10 3.90%
augur
Augur (REP) $ 12.43 1.92%
the-sandbox
The Sandbox (SAND) $ 0.198770 1.49%
singularitynet
SingularityNET (AGIX) $ 0.149595 3.11%
secret
Secret (SCRT) $ 1.03 6.84%
telcoin
Telcoin (TEL) $ 0.022860 0.22%
serum
Serum (SRM) $ 2.88 1.37%
gatechain-token
GateToken (GT) $ 3.14 0.33%
mainframe
Hifi Finance (MFT) $ 0.006047 4.74%
sbtc
sBTC (SBTC) $ 34,504.00 2.65%
compound-uniswap
cUNI (CUNI) $ 0.345622 0.11%
ardor
Ardor (ARDR) $ 0.110858 2.50%
vai
Vai (VAI) $ 0.904028 1.57%
utrust
UTRUST (UTK) $ 0.216917 1.40%
prometeus
Prometeus (PROM) $ 11.68 2.80%
reddcoin
Reddcoin (RDD) $ 0.001962 17.70%
monacoin
MonaCoin (MONA) $ 1.40 1.04%
noia-network
Syntropy (NOIA) $ 0.163075 0.30%
compound-0x
c0x (CZRX) $ 0.013415 3.19%
wink
WINkLink (WIN) $ 0.000395 0.57%
ankr
Ankr (ANKR) $ 0.071740 6.79%
bytom
Bytom (BTM) $ 0.060662 0.38%
rocket-pool
Rocket Pool (RPL) $ 8.91 0.42%
origintrail
OriginTrail (TRAC) $ 0.240425 11.09%
steem
Steem (STEEM) $ 0.260174 7.50%
maidsafecoin
MaidSafeCoin (MAID) $ 0.656589 1.84%
tomochain
TomoChain (TOMO) $ 1.38 5.35%
edgeware
Edgeware (EDG) $ 0.006137 8.96%
skale
SKALE (SKL) $ 0.223391 0.01%
stratis
Stratis (STRAX) $ 1.28 0.10%
hegic
Hegic (HEGIC) $ 0.073513 5.15%
komodo
Komodo (KMD) $ 0.614156 1.51%
bitshares
BitShares (BTS) $ 0.043999 1.03%
unibright
Unibright (UBT) $ 1.02 8.49%
coinmetro
CoinMetro (XCM) $ 0.278659 8.55%
ark
Ark (ARK) $ 0.772324 3.99%
mirror-protocol
Mirror Protocol (MIR) $ 4.45 5.65%
keep-network
Keep Network (KEEP) $ 0.275597 4.64%
neutrino
Neutrino USD (USDN) $ 1.00 0.18%
iexec-rlc
iExec RLC (RLC) $ 2.68 2.82%
harvest-finance
Harvest Finance (FARM) $ 48.44 3.89%
iotex
IoTeX (IOTX) $ 0.015984 3.22%
badger-dao
Badger DAO (BADGER) $ 8.58 4.33%
redfox-labs-2
RedFOX Labs (RFOX) $ 0.058218 2.49%
empty-set-dollar
Empty Set Dollar (ESD) $ 0.042459 3.92%
ultra
Ultra (UOS) $ 0.451933 6.68%
wanchain
Wanchain (WAN) $ 0.538299 0.61%
iris-network
IRISnet (IRIS) $ 0.070837 1.31%
perpetual-protocol
Perpetual Protocol (PERP) $ 5.17 10.90%
trustswap
Trustswap (SWAP) $ 0.820055 10.53%
tokenlon
Tokenlon (LON) $ 3.13 0.11%
orion-protocol
Orion Protocol (ORN) $ 5.53 3.43%
titanswap
TitanSwap (TITAN) $ 3.35 2.24%
tether-gold
Tether Gold (XAUT) $ 1,780.59 0.18%
wax
WAX (WAXP) $ 0.097422 3.05%
yfii-finance
DFI.money (YFII) $ 1,785.03 1.86%
aelf
aelf (ELF) $ 0.156659 7.67%
haven
Haven (XHV) $ 7.59 8.24%
pax-gold
PAX Gold (PAXG) $ 1,787.18 0.12%
defipulse-index
DeFiPulse Index (DPI) $ 231.83 1.12%
math
MATH (MATH) $ 1.16 0.18%
api3
API3 (API3) $ 2.23 10.48%
sora
Sora (XOR) $ 183.65 2.54%
dent
Dent (DENT) $ 0.002315 0.53%
loom-network
Loom Network (OLD) (LOOMOLD) $ 0.042895 2.33%
nftx
NFTX (NFTX) $ 43.45 7.23%
gala
Gala (GALA) $ 0.006596 5.31%
axie-infinity
Axie Infinity (AXS) $ 3.67 0.67%
beefy-finance
Beefy.Finance (BIFI) $ 1,022.37 7.17%
swingby
Swingby (SWINGBY) $ 0.073584 14.89%
parsiq
PARSIQ (PRQ) $ 0.572309 3.06%
akropolis
Akropolis (AKRO) $ 0.016815 2.31%
nest
Nest Protocol (NEST) $ 0.010149 0.48%
stakehound-staked-ether
StakeHound Staked Ether (STETH) $ 1,879.43 0.65%
akash-network
Akash Network (AKT) $ 4.06 27.21%
cream-2
Cream (CREAM) $ 148.18 3.76%
auto
Auto (AUTO) $ 909.54 3.40%
storj
Storj (STORJ) $ 0.655794 2.46%
e-radix
e-Radix (EXRD) $ 0.138973 8.96%
hive
Hive (HIVE) $ 0.235727 2.67%
chainx
ChainX (PCX) $ 3.60 4.86%
wrapped-nxm
Wrapped NXM (WNXM) $ 52.93 0.11%
hathor
Hathor (HTR) $ 0.350656 8.00%
gemini-dollar
Gemini Dollar (GUSD) $ 0.992925 0.97%
frontier-token
Frontier (FRONT) $ 0.519303 5.73%
everid
Everest (ID) $ 0.220230 6.71%
lto-network
LTO Network (LTO) $ 0.178385 2.89%
power-ledger
Power Ledger (POWR) $ 0.137517 8.04%
livepeer
Livepeer (LPT) $ 22.04 5.68%
xdai-stake
xDAI Stake (STAKE) $ 8.79 0.36%
rari-governance-token
Rari Governance Token (RGT) $ 4.84 2.18%
cashaa
Cashaa (CAS) $ 0.021558 2.00%
energi
Energi (NRG) $ 1.71 3.38%
bytecoin
Bytecoin (BCN) $ 0.000423 3.01%
duckdaodime
DuckDaoDime (DDIM) $ 11.38 3.18%