This Chart Pattern Restricts the Price Growth in Graph Token; Continue Holding?
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Brian Bollinger The Graph token price has fallen in response to a wedge-shaped pattern over the past seven months. However, during this fall, the token price has retested the pattern converging trendlines multiple times, indicating the trades are respecting this technical and should also meet its potential target after pattern completion.advertisementKey points: The coin price will remain in a bear trend until the wedge pattern is intact
The $0.0664 mark is a high supply point for the Graph price.
The intraday trading volume of the Graph is $428 billion, which indicates a 202% gain
Source: TradingviewThe falling wedge pattern is thought to reflect the loss of bearish momentum when prices fall below the resistance trendline but fail to reach deeper corrections. A bullish breakout of the overhead resistance will complete the pattern and set off a direction price rally. The Graph token price saw an 11% increase earlier today. The long bullish candle attempted to break the $0.0664 weekly resistance with a large volume spike. These gains were thwarted by the strong supply pressure from above, which pushed the price below the resistance. Trending StoriesThis altcoin has displayed numerous rejection candles at $0.0662 resistance over the past three weeks. This indicates that sellers are actively protecting this level. Trending Stories: This altcoin has shown numerous rejection candles at the $0.0662 resistance over the past three weeks, which indicates that sellers are actively protecting this level. However, these slopes below the neutral line reflect that the price action is still under the seller’s control.advertisementEMAs: the 20-and-100-day EMAs act as two dynamic resistance which assist sellers in prolonging the ongoing downfall.Graph Token Price Intraday LevelsSpot rate: $0.0662
Resistance levels: $0.0664 and $0.0766
Support levels: $0.058 and $0.025
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