The start of the third week of Uptober has seen the cryptocurrency market enter a positive trend. Leading tokens hint at a potential breakout, raising curiosity about The Graph (GRT) price's future. This analysis discusses the market sentiments and price movement of this Ethereum-based token.
GRT Price Volatility
The Graph price has increased by ~8% in the past 24 hours, with a trading volume of $107.13 million. Over the past week, GRT has gained 5.31% and 17.68% over the past 30 days. The price has been trading within an ascending channel pattern since August, indicating long-term bullish sentiment.
The Graph Technical Sentiments
The MACD indicator shows a constant decline in the red histogram on the 1D time frame, suggesting an upcoming bullish convergence. The SMA indicator has already experienced a bullish convergence and serves as support for the Graph price chart on the 1D time frame, indicating the potential for continued price growth this week.
Potential GRT Price Growth
If the bullish sentiment continues, the GRT price could retest its resistance level of $0.1980. Further bullish sentiment might push the price towards the higher resistance level of $0.2650. However, if the bears regain control, the price could fall back to the channel's support trendline and potentially reach $0.1375 in the coming weeks.
The crypto market is showing a positive trend, and The Graph is part of it. Despite possible corrections, the current technical analysis and market sentiments suggest a potential for further GRT price growth.