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Brian Bollinger The graph token is clearly one of the top performers for the second quarter of 2023. The token price saw a significant inflow from February 1st, and displayed strong bullish momentum throughout week. The GRT price was trading at $0.17 and had doubled its market value in a week. However, the technical indicator project an overbought signal indicating the new traders should be cautious.advertisementKey Points: The rounding bottom pattern formation is a sign that investors slowly accumulate an undervalued coin, driving up demand and ultimately pushing prices higher.
Bullish breakout of $0.15 resistance sets Graph token for a 38% increase
The intraday trading volume for the Graph is $435 million, which indicates a 44% increase.
Source: Tradingview The formation of a rounding top pattern in the daily chart over the last six months of price action was evident. This bullish reversal pattern features a gradual decline in price followed by a steady rise, creating a “U” shape or a rounded top. The significant increase could be attributed to the connection between Graph protocol tokens and tokens related artificial intelligence (AI), since the market is excited about AI after the release of ChatGPT from OpenAI. Trending StoriesThe GRT price saw a 35% intraday rise and broke the $0.15 neckline resistance that is a rounding bottom pattern. The huge bullish candle supported by more volume is a sign that the buyer is confident to buy higher levels. This could be a key indicator that token buyers have the potential to lead bullish rallies in the future. A favorable bullish scenario could see the price rise 38% to $0.24. However, this rapid recovery may not last and a correction phase will be needed before the bullish trend returns. Technical Indicator.RSI. The daily RSI slope of 87% suggests an oversold sign. This means that the Graph price could consolidate above $0.15 to refuel bullish momentum. Moreover, the token price near $0.15 could be a good opportunity for interested traders.advertisementEMAs: An upswing in 20-50-and-100-day EMA are some early signs of a sustained bullish trendGraph Token Price Intraday LevelsSpot rate: $0.178
Trend: Bullish
Volatility Low
Resistance levels: $0.21 and $0.24
Support levels: $0.175 and $0.15
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Close Story