Home Analytics of crypto Price Took Crucial Support with Trend Reversal, Broke Resistance at $0.76

Price Took Crucial Support with Trend Reversal, Broke Resistance at $0.76

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The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. The Graph team includes professionals from the Ethereum Foundation, OpenZeppelin, Decentraland, Orchid, MuleSoft leading up to the IPO and acquisition by Salesforce, Puppet, Redhat, and Barclays. The Graph is working to bring reliable decentralized public infrastructure to the mainstream market. Let us look at the technical analysis of GRT

Past Performance

The GRT opened 7 days ago on 09 October 2021 at $0.71. A valley was seen across the week when the price first dropped and then hiked. There was an overall positive change of 14.1%, after which it closed on 15th October 2021 at $0.81.

Price Took Crucial Support with Trend Reversal Broke Resistance at

Source: https://www.tradingview.com/x/0IA5jC4o/

GRT Technical Analysis

The price trend formed a hill in the past week. It started by going down to the $0.65 level. There it took crucial support and the trend reversed itself. It also broke the resistance at $0.76. The price has successfully taken an uptrend. GTR is currently trading at $0.82 which is 1.46% more than yesterday’s close.

RSI is currently at 60.37%. It is on an uptrend. This is a bullish signal, which means that the traders can take a long position here.

OBV is showing that the buying pressure is dominating the selling pressure for the last few days now. This is again a bullish signal. Traders may take a long position.

MACD, being a lagging indicator, is confirming the last week’s valley in the chart. The fast line came close to the slow line, but then the trend reversed and the gap between them increased. Both the lines are moving in a positive direction. There is no divergence from the price chart.

Day-Ahead and Tomorrow

The fib numbers are showing that the price has broken the Fibonacci levels of $0.73 and $0.8. The next fib level is at $0.86 which is expected to be broken soon.

Thus, the indicators are showing strong bullish signals. The traders may take a long position here by keeping the target at $0.92 and stop-loss at $0.75.

#Price #Crucial #Support #Trend #Reversal #Broke #Resistance

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