The Graph (GRT) Poised for Recovery – Crucial Levels for a Bullish Surge

Key Takeaways

• Potential trend reversal forming from corrective lows.
• Key resistance test at Fibonacci retracement levels.
• Bullish breakout scenario contingent on sustained momentum.

The Graph (GRT) has been in a corrective phase since its peak of $035 in December, forming a descending channel.

However, recent price action suggests a potential reversal, with key Fibonacci levels and Elliott Wave structures guiding the next possible moves.

GRT Price Analysis 

The 4-hour chart of GRT reveals a prolonged downtrend following the completion of a five-wave impulse structure on Dec. 5.

The price peaked near $0.35 before entering a corrective ABC wave structure. The final leg of this correction (wave C) appears to have completed near $0.1248, aligning with the 1.0 Fibonacci retracement level.

A descending channel has defined the corrective phase, and the price now attempts to break above this structure.

The Relative Strength Index (RSI) shows a notable recovery from oversold levels, signaling a potential trend shift. Additionally, the price is eyeing reclaiming the 0.786 Fibonacci retracement level at $0.1730, which serves as key resistance.

A successful breakout above this level could confirm the end of the corrective phase and the beginning of a new bullish impulse.

Should the price continue its upward momentum, the next major resistance lies at $0.2110 (0.618 Fibonacci retracement of the full decline), followed by $0.2972 (0.236 Fibonacci retracement).

Failure to break these levels could lead to a retest of support at $0.1285 and $0.1248, which must hold to prevent further downside.

GRT Price Prediction 

 The 1-hour chart provides a closer look at the early stages of a potential new impulse wave. After bottoming at $0.10, the price started forming a five-wave structure, with wave (i) already completed and wave (ii) appearing as a corrective retracement at a higher low of $0.12.

Wave (iii) is unfolding. It made a higher high, reaching $0.15, with Fibonacci extensions suggesting potential targets.

The immediate resistance at $0.1475 (0.618 retracement of the last swing high) is currently being tested. A successful breakout above this level would validate the continuation of wave (iii), with projected targets at $0.1605 (1.0 Fibonacci extension) and $0.1730 (1.272 extension).

Beyond that, wave (v) could extend towards $0.1948 (2.0 extension), aligning with a key supply zone.

However, if GRT fails to sustain above $0.1475, a retracement towards $0.1344 (0.236 Fibonacci level) or even $0.1285 (previous low) could occur before the next leg up. The RSI is nearing overbought territory, suggesting the possibility of a short-term pullback before further gains.

Confirmation of bullish momentum will depend on volume and the ability to break through descending trendline resistance.

A failure to do so could invalidate the current bullish scenario and signal a continuation of the broader downtrend.

Key Levels to Watch

• Immediate Resistance: $0.1475 (0.618 Fibonacci retracement).
• Major Resistance: $0.1730 (1.272 extension) and $0.2110 (0.618 retracement from peak).
• Immediate Support: $0.1344 (0.236 Fibonacci level).
• Critical Support: $0.1285 (previous low), $0.1248 (1.0 retracement).
• Short-Term Target for Wave (v): Above $0.1948 if momentum sustains.
• Invalidation Zone: Below $0.1248, signaling further downside risk.