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•GRT/USD is currently priced at $0.423 and has decreased by 1.69% over the past day
•The trading volumes have decreased by 37.82% over the past day
•The technical indicators suggest a continuation of the downtrend
Short Term View: Uptrend hits a snag as bulls waver
The Graph price today is $0.423517 USD with a 24-hour trading volume of $156,335,006 USD. The Graph is down 1.69% in the last 24 hours. The trading volumes have decreased significantly over the past day, suggesting increased profit booking occurring at the current price levels. The Volume to Market Cap Ratio stands at 0.07828 for the altcoin, reflecting the weak sentiment prevailing in the market.
The most significant support zone coming up for The Graph Coin is placed at $0.338, which the bulls will be aiming to defend fiercely. The resistance, on the other hand, stands at $0.56 in the event of the bulls staging a comeback. The altcoin is currently showing weak tendencies as it trades below the 20,50 SMA on the daily chart. Therefore, the traders can expect the bearish trend to continue in The Graph coin prices.
Long Term View for The Graph
There is a possibility of deeper declines in The GraphCoin, as on the daily chart, the RSI indicator has formed a bearish divergence, giving the market a step-down signal. It is currently trading at 47.53, giving off a neutral signal to the investors. Moreover, the histograms on the MACD indicator have turned red as bearish crossover was observed on the chart two days ago, which brought the buying pressure to a halt.
Conclusion
The technical indicators forecast a continuation of the bearish trend in The Graph coin price. Moreover, the price action reflects a boom in selling pressure with the bearish engulfing candlestick in the daily chart.
Support: $0.338
Resistance: $0.560
