The Graph (GRT) Bulls Anticipate Upcoming 40% Price Surge – Here's What's Driving It
- Patricia ArquetteOriginal
- 2024-10-17 18:04:20865browse
In an analysis by P_S_trade on TradingView, a bullish perspective on the GRTUSDT chart has emerged.
A recent analysis by P_S_trade on TradingView presents a bullish perspective on the GRTUSDT chart. According to the analysis, The Graph (GRT) is currently priced at a critical juncture. If the price manages to break through the established trend line, it could lead to a price surge of at least 40%. This potential breakout may also indicate even greater gains in the long term.
The chart uploaded by P_S_trade illustrates the price dynamics of The Graph token against Tether (USDT) on a daily timeframe. Here's a closer look at the key elements highlighted in the chart:
A black diagonal line represents a resistance level that GRT has been struggling to overcome. This trendline outlines a series of lower highs, indicating an ongoing downtrend in the token's price.
A horizontal pink/red zone support level exists around $0.1337, which has been tested multiple times, showing its ability to keep GRT from declining further.
As the price approaches a crucial point, P_S_trade anticipates that if GRT can break above the downward trendline, a sharp upward movement is expected. This scenario aligns with a projected price target of $0.2406, which corresponds to a significant Fibonacci level.
Several Fibonacci retracement levels are indicated on the chart, serving as potential price targets following significant movements. After a breakout, the immediate target is $0.2406, followed by longer-term targets of $0.3868, $0.6218, $0.8717, and $1.2221, contingent upon GRT maintaining upward momentum.
The chart also features a blue arrow, suggesting a potential upward trajectory following the trendline break. Moreover, trading volume is noted at 9.235 million for GRT, which will be crucial in confirming the strength of any breakout that may occur.
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