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- The Graph rejected 50 day ema and formed lower lows candle formation while the volume kept on decreasing.
- MACD had generated a fresh negative crossover whereas RSI at 39 reversing upwards.
The Graph [GRT] had been reversing upwards with bullish cues forming a bullish green candle near to the support zones, while the previous few sessions were dominated by bears. As per coin glass, the Long and Short ratio stood at 1.05 indicating mild bullishness. Meanwhile, GNT/USDT is trading at $0.0570 with intraday gain of 3.45% and 24h volume to market cap ratio stood at 0.0278
GRT undervalued should we BUY or WAIT ?
On a higher time frame, The Graph had tried multiple times to sustain above 50 day ema (pink) but got rejection from the higher levels and dragged down forming lower low swings. In the end of July after the minor consolidation prices breakout $1.200 with a higher volume and gained some upside positive momentum but unfortunately it resulted as bull trap and sellers had aggressively shorted on higher levels and succeed to bring back the prices back to its previous support zone at $0.0800 Later, FTX heat waves had triggered more fearful selling and GRT hits a yearly low at $0.0517.
The 200 day ema(green) which is far away from the current prices indicates a trend to remain weak on a positional basis whereas the 50 day ema (pink) at $0.0677 will act as an immediate hurdle in coming days followed by next hurdle will be $0.0800 and 0.1000. The MACD had generated negative crossover which indicates price may stay mild bearish in coming days whereas RSI at 39 reversing upwards from the oversold zone. So with this we may say that the price looks undervalued at lower levels also means less number of buyers are interested in building long positions.
The closer window
On a lower time frame, The Graph prices are forming a little confusing price pattern. Recently, a few weeks ago, the Supertrend indicator had generated a buy signal as prices breakout with positive momentum along with higher volume but next week Supertrend generated a sell signal which triggered selling pressure prices and lost all the previous gains. Currently, The short term trend remains weak but if bulls succeed to trade above $0.800 we may see a short term bullish trend reversal.
Summary
The Graph prices are consolidating near the support zones and likely to see further expansion in coming days. As per technical analysis prices are weak but are trading near to oversold zones so aggressive traders may look for sell on rise opportunities on higher levels by keeping 0.0800 as SL
Technical levels
Resistance levels : $0.8000 and $0.1000
Support levels : $0.0521 and $0.0400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
