- GRT has a bearish market structure on the daily, despite strong short-term gains.
The moving averages signaled that the long-term downtrend was still in play.
As an experienced analyst with a decade-long career in the crypto market, I must say that The Graph (GRT) has been exhibiting some intriguing behavior recently. While the short-term gains are impressive, the long-term structure remains bearish – much like trying to teach an old dog new tricks!
Since last Monday, the GRT token has shown strong performance. Similar to other cryptocurrencies, it has recorded double-digit percentage increases in its price. Whether the bulls will successfully hold onto these recent gains is yet to be determined.
Although there’s been a temporary optimistic outlook, the overall perspective remains pessimistic for an extended period. The market has predominantly favored the sellers since June, and at this point, the buyers may lack the power to initiate a substantial comeback.
The Graph is on the verge of breaking August highs
Over the last week, the Graph token showed strong performance, heading towards its nearby resistance point at roughly $0.18. The Relative Strength Index (RSI) stood at 65 and has been steadily increasing since early September.
It appears that a strong upward trend, or bullish sentiment, is growing. Additionally, the Chaikin Money Flow (CMF) has climbed from -0.05 to +0.31, a level not observed on this indicator since February.
This suggests a significant influx of funds into the GRT market, potentially providing support for bullish attempts to surpass the resistance at $0.18.
The simple moving averages captured the essence of the downtrend. The faster 50DMA was still below the 100 DMA, meaning that the recent move higher needs to be sustained for a longer period to break the downtrend.
Lack of selling during the minor price dip was encouraging
Over the last seven days, both the cost and the volume of open contracts have significantly increased, indicating a strong bullish attitude towards GRT. Many traders are keen on buying GRT, a trend observed across markets following the Bitcoin price rise.
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In simpler terms, the direction for other investments has been fairly stable, without significant increase driven by immediate demand from the spot market.
In the past few days, there’s been a surge in interest for the Graph token, with minimal attempts to sell it off. Additionally, the funding rate has shown a favorable trend as well.
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2024-09-24 06:15