The Graph Breakout Trade: 20% Upside Targets?

The Graph (GRT) is a decentralized protocol for querying and indexing blockchain data, particularly popular within decentralized finance (DeFi) and Web3 applications.

Below is a detailed analysis of its recent performance, technical indicators, and market sentiment.

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GRT Crypto Price Overview

• Current Price: $0.1673
• Market Cap: $1.57 billion
• 24-Hour Trading Volume: $58.96 million
• Circulating Supply: 9.55 billion GRT
• Total Supply: Approximately 10.8 billion GRT

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Price had a bullish breakout from Falling Wedge pattern and reached our near-term target of $0.20 for +25% gain. We would be buyers on pullback near $0.15 support for a swing trade entry with +25% upside potential back to $0.20. Stop Loss at $0.13.

Weekly Price Analysis

In the past week, The Graph has maintained a high volatility range.

Trend: Short-term trend is Strong Down, Medium-term trend is Neutral, Long-term trend is Neutral.

Momentum is Bearish but inflecting. MACD Line is still below MACD Signal Line but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing an upswing. Price is neither overbought nor oversold currently.

Support and Resistance: Nearest Support Zone is $0.10. Nearest Resistance Zone is $0.20, then $0.25.

Technical Indicator Values

• Relative Strength Index (RSI): 51.72 (neutral zone)
• Bollinger Bands: Resistance at $0.1780, support at $0.1632, with a narrowing gap indicating stable volatility
• Moving Averages:
• SMA 50: Bullish (price above trendline)
• SMA 200: Neutral to Bearish, as GRT remains slightly below this longer-term trendline
• MACD: Neutral, signaling a balanced trend

Market Sentiment and News Roundup

Overall, market sentiment remains neutral for The Graph, with the Fear & Greed index positioned at 50.

The Graph’s efficient indexing approach is gaining traction, and this demand could potentially bolster its price recovery over the coming months.

Long-Term Outlook: Predictions for GRT remain cautious yet optimistic, with expectations for gradual growth through 2024 as adoption within Web3 increases.

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