The Graph (GRT) crypto has been in recovery mode for the past six days. It recorded 20% gain as the GRT price jumped from $0.1260 to $0.1500.
Most AI tokens have attained significant demand in recent sessions. The GRT crypto has also participated in the relief rally and showed gestures of reversal. Amid the recent recovery this week, The Graph price managed to cross the 20-day EMA mark.
It was crawling closer to the declining trendline barrier of $0.1550. However, it has been trading inside a falling channel. It has experienced a persistent selloff for the past three months.
Last month, the GRT token tried to cross the pattern’s neckline but failed, and a rejection was observed. It led to a two-week correction before encountering support around the $0.1200 mark.
Amidst the overnight rally in the crypto market, the GRT token expanded the bullish momentum. It has set the stage for a breakout. A daily close above the $0.1600 mark can validate the breakout.
GRT Price Prediction: Will the Recovery Extend Ahead?
The daily chart of the GRT crypto indicated that it is footing a recovery with a double bottom pattern. While he market sentiments are gradually evolving and optimistic again, traders and investors are convinced about a long-term return as GRT is inclined to a breakout soon.
The GRT price was trading at $0.1502 at press time, with a positive change of over 3.02% over the last 24 hours.
Waleed Ahmed, a reputed crypto enthusiast and analyst, tweeted that The Graph price faces a declining trendline and anticipates a breakout.
The RSI line revealed a bullish crossover and crossed the neutral line at 52, representing the heightened buying pressure.
As anticipated in the past few weeks, the GRT token located support near July’s low and commenced a fresh accumulation last week. This buy stirred hope for the investors to make fresh longs before a breakout.
An asset’s social dominance counts for its stake in online discussion. It directed a surge, meaning that more conversation is happening in the market compared to the past.
Similarly, the surge in the active addresses data hints at increased investor enthusiasm and a bullish view. When writing, the active addresses data was noted around 3465.
Futures Market Data Remained Bearish
Despite the significant price increase, the derivatives data remained bearish. It did not support a bullish GRT price prediction.
The OI-Weighted funding rate remained below the zero line. It signified that short contracts overpowered long contracts and that’s a sign of bearishness.
Moreover, the Open Interest (OI) did not change in favor of longs. It stayed flat at around $22.16 Million amid an intraday price change of over 3%. It signals that the bounce may be short-lived.
In case of a successful breakout above the trendline barrier of $0.1600, the GRT price may face the upside hurdle of $0.1680 and $0.1720 in the coming sessions. On the other hand, the downside support levels were around $0.1500 and $0.1430.
