• GRT price is in a tight consolidation above the 50-day simple moving average (SMA)
  • There is a high potential for one of the highest ROIs in the short term.
  • However, The Graph is vulnerable to massive one-day swings.

GRT price for the last six days has contracted into a very tight range on light volume, showing a stand-off between bulls and bears. For traders, it is a timely trading opportunity with explosive upside potential.

GRT price has narrowed into an isosceles triangle

Like other standard triangles, prices in a symmetrica or isoscelesl triangles must touch each trend line at least twice and cover the area in-between. In general, volume declines during the pattern formation, with a 75% probability of an upside breakout. 

The Graph price has shown declining volume through the triangle's development and has discovered support at the 50-day SM, just below the middle of the Bollinger Band. To confirm the breakout, GRT must close above the upper trendline on a daily basis and ideally near the high of the daily candle. The immediate price target is the upper Bollinger Band at $2.07.

The rally’s durability will be tested between the .618 and .786 Fibonacci retracement levels at $2.30 and $2.56. To add to the challenge, there is an area of price congestion on the left side of the triangle that converges with the retracement levels.

A successful push through the congestion will let GRT price test the all-time highs at $2.90 in short order and potentially the measured move target of $3, representing a 60% gain from the declining trendline.

GRT/USD daily chart

GRT/USD daily chart

There is no doubt there is a substantial area of support for The Graph price as the ascending trendline intersects with the 50-day SMA and the lower Bollinger Band. A daily close below $1.57 would put the bullish narrative in doubt and leave the cryptocurrency exposed to a quick drop to the February low at $1.33.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP