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.
From +310% to -40%
It’s been a week since we did a review of The Graph. This AI coin is up 310% in the past week since the beginning of January. Time to review the analysis so far. What has happened in the meantime and can GRT achieve that increase again?
First, let’s take a look at the weekly GRT chart. Here too we see a slightly too strong resistance (orange line). The chart has gone from $0.06 to a non-sticky $0.23 in a short period of time. As we discussed in the previous review, the BRT would likely be slowed down from here.
The chart price has since reached $0.14 (-40% from its previous high), but is now starting to climb higher. GRT is trading at $0.173 at the time of writing. Unfortunately, there’s not much to see on the weekly chart other than the all-time high of $2.88. For GRT holders it would be nice if the course returned here.
Refused but on the road again
Since we want to know a bit more about the price action, let’s take a look at the daily GRT chart. Here we can see that the coin has been rejected at the exact location we indicated in the previous analysis. The horoscope now seems to have found support and is making another attempt to break out of this orange zone.
If this zone is violated, prices around 0.55 cents are conceivable. This has to do with the GRT spike that was made before diving into the orange zone. While very premature, these are not crazy targets for the volatile GRT.
The most positive scenario is that the price rises above this zone and respects it as support. That’s because people don’t sell BRT, they buy it for about $0.23. This is a bullish sign and it could provide that extra push towards a price of USD 0.55.
However, this volatility can also work against the currency. If BRT is again rejected in the orange zone, it could drop another 40% (or maybe more). Until then, we look back at BRT, but at the moment it is mainly a breakthrough of the orange zone that is important.
Editor wanted
Did you enjoy reading these articles and want to contribute to our content? We are looking for a new editor-in-chief with a deft pen and in-depth knowledge of the cryptocurrency market. View our vacancies here and respond immediately!
Source: Btc Direct
Source link
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
