The Graph Price Faces Key Resistance — What’s Next for GRT?

Key Takeaways

• GRT surged 70% from its August low after the major downturn.
• Resistance at $0.18-$0.21 determines a bullish breakout or rejection.
• The ascending channel lacks a clear five-wave pattern for a confirmed uptrend.

The Graph (GRT) experienced a volatile price journey in 2023, reaching a high of $0.50 in March before a significant decline.

A descending triangle pattern suggested the end of its downturn, and an ascending channel followed, hinting at a possible bullish phase.

However, challenges at key resistance levels and uncertain price action patterns open the question of whether GRT will continue its recovery or face another downturn.

GRT Price Analysis 

GRT reached a yearly high of $0.50 on March 10, climbing from a January low of $0.14 in a larger uptrend. After peaking, it underwent a significant downturn.

By April 13, GRT dropped to $0.20, a 58% decline below its February peak. The daily Relative Strength Index (RSI) indicated oversold conditions, which prompted a recovery to $0.35 on May 22.

GRT faced more seller pressure, entering its second period of a continuous downfall. It finally stopped at $0.11 on Aug. 5, losing slightly over 77% of its value from the yearly high.

As we can see from the daily chart, the price action formed a descending triangle and likely ended its decline on an ABCDE corrective pattern. 

Read more: The Graph Price Prediction 2024: GRT Price Analysis

This is why its next ascending channel, which led to a breakout above it, could be the first sign of a starting bull phase. The price went to a high of $0.20 on Sept. 28, increasing by nearly 70% from its August low. 

Yet a 23% decline followed, reverting the price to its ascending channel resistance. This raises questions about the bullishness behind the move. 

GRT Price Prediction 

A closer look at the hourly chart shows a couple of scenarios ahead, all pointing to short-term upside.

A bounce from the ascending support level could lead to a sustained increase for another interaction with the ascending resistance at $0.21. 

But before that, we need to see if GRT can continue moving upward above the $0.18 horizontal level or if it will make a lower high than in September.

Overall, the ascending channel doesn’t look bullish, as we cannot spot a visible five-wave pattern suggesting a staring bull phase. 

This is why, after this ascending structure concludes, we expect more downside movement and lower values than in August.

Alternatively, our expectations could change if GRT goes to the $0.21 resistance and makes a breakout above it. Therefore, a bull phase would look more likely.