The cryptocurrency market has kickstarted the 3rd week of Uptober on a positive after recording negative price action for two consecutive weeks. Further, top tokens hint at a potential breakout, highlighting a positive outcome this week.
With increasing bullish sentiment in the crypto market, will The Graph (GRT) price record a new yearly high this Q4 or will the altcoin experience a strong rejection at its important resistance level? In this article, we have covered the market sentiments and price analysis of this Ethereum-based token.
The Graph price has jumped ~8% in the past 24 hours with a trading volume of $107.13 million. Moreover, it has added 5.31% over the past week and 17.68% during the past 30 days.
Notably, the Graph price has been trading within an ascending channel pattern since August. This suggests a long-term bullish sentiment for the altcoin in the crypto space.
The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the red histogram in the 1D time frame. Further, the averages are on the verge of a bullish convergence, highlighting increased positive sentiment for the altcoin in the crypto market.
Moreover, the SMA indicator has already experienced a bullish convergence and is acting as a support to the Graph price chart in the 1D time frame. This indicates that the price will continue gaining value this week.
If the Graph price continues trading under a bullish sentiment, this could result in it retesting its resistance level of $0.1980. Moreover, if the bullish sentiment intensifies, this could push the price toward its upper resistance level of $0.2650.
However, if the bears regain power, the GRT coin price could restest its support trendline of the channel pattern. Further, if the bulls fail to hold the price at that level, this could result in it retesting its crucial low of $0.1375 during the upcoming weeks.
To uncover the yearly price prediction of this altcoin, Read, our The Graph (GRT) Price Prediction 2024 – 2030
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