Amid increased price volatility in the crypto market, the star crypto, Bitcoin price has successfully reclaimed the $65K mark. Moreover, top altcoins have recorded a significant jump in their respective portfolios, highlighting an increase in the bullish influence.
Moreover, The Graph price has recorded a significant bullish momentum by adding approximately 16% within the past day. With successfully recording a bullish break out of its symmetric triangle, will GRT price hit $0.5 in Q2?
After facing rejection at the resistance level of $0.4950, the GRT price lost momentum and recorded a significant correction of 53.03% in its valuation. This resulted in the Artificial Intelligence (AI) token forming a symmetric triangle pattern in the 1D time frame.
At the time of writing, the trading price of The Graph (GRT) token was $0.3116 with a 24-hour gain of 16.21% and a trading volume of $214.061 Million, a jump of 147.99%.
With the rising bullish sentiment in the cryptocurrency market, The Graph price displays a high potential of a break-out rally, resulting in the altcoin attempting to test its upper high during the upcoming weeks.
The Simple Moving Average (SMA) displays a bullish crossover in the 1D time frame, indicating a significant increase in the buying pressure within the crypto space.
On the other hand, the MACD shows a constant rise in the green histogram, highlighting a strong bullish influence in the crypto space. Furthermore, the averages display a constant uptrend, suggesting a positive outlook for the Graph price during the upcoming time.
If the bulls continue to trade under a bullish sentiment, the GRT price will test its resistance level of $0.3550 over the coming weekend. Moreover, if the market holds the price at that level, it will set the stage for The Graph token to attempt to test its upper resistance level of $0.4225 this month.
Negatively, if the bearish trend reversal occurs, the GRT token will retest its support level of $0.2950 soon. Furthermore, if the bears continue to dominate the market, the GRT price will plunge toward its lower support level of $0.2325 in the coming time.
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