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The Graph [GRT] market weakened – Can $0.1723 support hold?

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The Graph [GRT] market weakened - Can $0.1723 support hold?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • GRT recorded a sharp drop as bears took control of the market. 
  • Short-term sell pressure was still high at press time. 

The Graph [GRT] hit a crucial support level, but the prevailing sell pressure could undermine a strong recovery. GRT faced price rejection at $0.2321, ushering in bears. So far, GRT has fallen by over 25%, from $0.2321 to $0.1674. 

Read The Graph [GRT] Price Prediction 2023-24

At press time, GRT traded at $0.1761 and exhibited a mild bullish momentum which could stifle given the low trading volumes and increasing short-term sell pressure.

Can the 50% Fib level of $0.1723 hold?

Source: GRT/USDT on TradingView

The recent drop hit the $0.1674 level but found a temporary hold at the 50% Fibonacci level of $0.1723. At press time, the decline in trading volumes weakened buying pressure and the market structure. 

How much are 1,10,100 GRTs worth today?

Therefore, GRT could oscillate between 50% ($0.1723) and 61.8% ($0.1864) Fib levels in the next few hours. However, bulls must deal with the hurdle at $0.1776. 

Notably, the Relative Strength Index (RSI) retreated but was still bullish at 57 units. But the Chaikin Money Flow (CMF) exhibited a sideways movement above the zero line, showing a battered but steady market that could enter a price consolidation. 

Alternatively, the trading volumes could decline further, tipping bears to break below the 50% Fib level. Such a move would invalidate the bias described above. The downtrend could be kept in check by $0.1674, 38.2% or 23.60% Fib levels. 

Sentiment dropped as GRT’s short-term selling pressure increased

Source: Santiment

As per Santiment, GRT saw a sharp drop in weighted sentiment, indicating waning confidence in the asset by investors. Nevertheless, the sentiment remained positive, further reiterating that GRT weakened but could attempt a recovery. 

However, the recovery could be weak because of the short-term sell pressure witnessed at press time. Notably, GRT recorded a spike in supply on exchanges, indicating that more tokens were moved to exchanges for offloading, painting a short-term sell pressure. 

On the other hand, Supply outside of exchanges declined, showing little demand for GRT at press time. As such, GRT’s possible recovery could be limited with a possibility of sideways trading. But a strong bullish or bearish BTC would invalidate the above bias as GRT will adopt a definite price direction based on the king coin’s movement. 

Source: Santiment


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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