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Brian Bollinger The crypto market has turned strongly bullish over the past two days as The U.S. Bureau of Labor Statistics released January CPI data of 6.4%. The Graph token price rose 17.3% from its $0.141 support. Furthermore, this bullish reversal also revealed the formation of a double bottom pattern in a four-hour time frame chart.advertisementKey Points: The formation of a double bottom pattern indicates the Graph token sustainability above the $0.14 support.
Bullish breakout of $0.175 resistance to traders looking for an entry opportunity with a 20% gain
The Graph shows a 120% increase in intraday trading volume at $313 Million.
Source: TradingviewAlongside a majority major cryptocurrencies, the Graph token’s price entered a correction phase in February 2023. As a result, the coin price tumbled 32.5% from the local top of $0.21 and reached a local support zone of $0.14-$0.135.Furthermore, the GRT price consolidated above this support for a few days and showed the formation of a double bottom pattern. This chart pattern is formed when prices rebound from the same support. It has a ‘W-shaped structure. Trending StoriesThe crypto market turned bullish on February 14th and helped the GRT price break the $0.1675 neckline resistance. The post-breakout rally has surged the token price by 4% to reach the current price of $0.174.Also Read: Top 10 DeFi Lending Platforms In 2023Thus, in response to this pattern breakout, the Graph token is likely to rally 20% and rechallenge the $0.21 swing high.Technical Indicator.RSI: The daily RSI slope jumped above the midline, indicating the market participant are feeling positive about this coinadvertisementEMAs: An upswing in 20, 50, 100, and 200 EMAs indicate a GRT price is under a strong recovery rally. These EMAs could provide strong support for buyers during pullbacks.Graph Token Prices Intraday LevelsSpot Rate: $0.173
Trend: Bullish
Volatility Low
Resistance levels: $0.21 and $0.25
Support levels: $0.165 and $0.14
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.