Analysis: Graph (GRT) is up 310% since 2023, now what?

What analysis would you like to see? Every week we conduct a survey on our social media. Here you can vote for the next altcoin review. This week The Graph (GRT) emerged as the winner. Let’s look at the course.

Upside down three times

The chart has had a fantastic time for weeks. The year started with a share price of $0.055. Since then, the coin has risen by a whopping 310% to a price of $0.23. This is one of the most powerful currencies in the BLOX app.

First, let’s take a look at the monthly GRT chart. In this we clearly see the resistance he encountered. From here, the price fell to around $0.185 at the time of writing.

The Graph’s price rally stopped at $0.23 at the resistance that emerged in January 2021. Price found support here to continue higher to a non-sickening $2.88. If the price comes back here, it means a 1600% increase. There is still a long way to go, but the coin no longer surprises us.

What’s next?

The question on many people’s minds right now is: can the chart continue to rise? It is always possible in the world of cryptocurrencies, but usually a coin only stops when it goes up hundreds of percent.

To analyze this better, let’s use the 4-hour chart. Here each candle represents 240 minutes and this is often used to predict short term movements. In the image below we see the orange line (from January 2021), but also an important orange zone during this time. Both are pretty much in the same price range.

Presumably, the price will only find support below the orange zone before continuing even higher. However, breaking the orange line can speak of a positive price development. If this line breaks and closes a daily candle above it, the chart could do well for the rest of this year.

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