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- 1 The Graph price prediction is bullish for the next month and suggests upside reversal is possible.
- 2 GRT price is trying to climb the 50-day EMA to reverse the short-term trend.
- 3 The Graph crypto price showed initial signs of a bullish trend reversal.
The Graph price prediction is bullish for October 2023. It suggests that buyers are active near $0.0800 and trying their best to rebound.
GRT price is near to the 50-day EMA and buyers are attempting to break the EMA hurdle. If they succeed, then the confirmation of the short-term trend reversal will be visible. However, the price is still below the 200-day EMA denotes the positional trend is still down.
For the past few weeks, GRT crypto has been stuck in a narrow range and formed a short-term base. So, the downside risk looks limited.
Recently, GRT price took support near $0.0761 and bounced back with a high volume. It recovered approximately 20% from the low and is trying to break the $0.0900 hurdle.
If the buyers succeed in breaking the $0.0900 hurdle, then a sharp rise may come which will take the price to $0.1100.
The Graph price is trading at $0.0877 with an intraday rise of 0.23%. The 24-hour volume to market cap is 2.44%. The pair of GRT/BTC is trading at 0.00000329 with a flat basis.
Will The Graph Price Continue the Recovery?
The Graph price prediction favors the bulls and suggests a rise in the coming months. The bulls are being active and a minor sell-off is getting absorbed.
It indicates that buyers are returning to track. Meanwhile, the overall crypto market is recovering so it may positively impact the prices of GRT and other altcoins.
Till the GRT price sustains above $0.0761 the probability of the upside reversal is high. However, the prices will pick up momentum when buyers can break the $0.0996 hurdle.
The analysis suggests that buyers are active and recovery might continue in the coming months.
GRT Price Analysis on Weekly Time Frame
GRT price formed a bullish hammer candle on a weekly time frame. If buyers succeed in giving the follow-up momentum, then the GRT might outperform in October 2023.
The price behavior is quite stable so speculative activities are less and genuine buyers are available.
The MACD curve slopes upwards and generates a positive crossover. It indicates mild bullishness and buyers’ confidence is visible. The RSI at 48 denotes a neutral zone and an equal level of tug-of-war between buyers and sellers.
Conclusion
The Graph price prediction is bullish for the long term and suggests a rise in the coming months. GRT price formed a strong base and showed signs of reversal.
The analysis suggests that GRT crypto is turning bullish and recovery is likely to continue next month.
Technical levels
- Resistance levels: $0.0996 and $0.1101
- Support levels: $0.0761 and $0.0700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.