Speeding up on New Year’s Eve, the GRT price shows a quick overnight rise of 3.20% to tease a bullish comeback. With the strong support at a Fibonacci level leading to an engulfing candle, the Graph token prices may soon continue the prevailing trend.
Despite the lethargic pace of the Bitcoin trend, the overnight fightback from the GRT holders marks a positive feat. Therefore, the chances of a prolonged uptrend in the Graph price trend increase significantly.
For a more detailed approach to the annual trend of The Graph, check out our GRT price prediction.
Source- Tradingview
With the falling channel breakout leading to a streak of higher highs in the GRT price trend, the uptrend continues for the altcoin. Moreover, the uptrend marks a splendid last quarter of 2023 for the Grpah with an astounding 130% return.
Ending the struggle to surpass the $0.15 barrier, the GRT price ends the year with a successful retest of the $0.1753 breakout. With the growing support of investors, the rising trading volume bolsters each price spike and signals a pullback with each decline.
Source: TradingView
On a closer look, the short-term trend in GRT price displays two solid boundary trendlines forming a channel pattern. This highlights a bullish trend in motion and teases a continuation to form a new 52-week high.
Currently, the GRT price trades at $0.1870 with an intraday move of 1.74%, forming a bullish candle. However, the higher price rejection remains dominant in the last two candles, warning the sideline traders to take a steady approach.
Technical Indicators:
RSI Indicator: The daily RSI line shows a spike from the halfway line, approaching the overbought boundary. However, this opposes the crossover in another momentum indicator.
MACD Indicator: Due to the ongoing pullback, the MACD and signal lines give a bearish crossover. However, the bounceback from $0.1753 can revert the average lines to their prevailing positive alignment.
Will The GRT Price Skyrocket to $0.20?
With the buyers at the 78.60% Fibonacci level helping a reversal from $0.1753, the uptrend chances in GRT price increase sharply. With a successful retest, the Graph price may shortly reach the psychological mark of $0.20. Optimistically, the uptrend can cross $0.20 to challenge the $0.25 mark.
However, a reversal under $0.1753 can plunge the token value to $0.15.
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