The Graph crypto has experienced a significant uptick, rising nearly 18% in the last couple of weeks, coinciding with a broader market recovery. This shift in momentum follows the latest U.S. Consumer Price Index data, after which the crypto markets have shown signs of revival.
The Graph token has surpassed the 50-day Exponential Moving Average, instilling a positive sentiment among traders. Additionally, the price has broken through key trendline resistance, indicating an exit from its previous downward trend.
Positive Divergence in Price and Daily Active Address Signals Potential Uptrend
According to the Santiment data, there has been a positive divergence between the Graph price and its daily active addresses, suggesting that the crypto is bullish. The widening of this divergence further supports the likelihood of sustained bullish sentiment.
Moreover, the daily active addresses quantify the count of distinct addresses involved in transactions. A rise in this number signifies a broader adoption of the crypto. Furthermore, the divergence between the daily active address and the price serves as an indicator of the potential direction the price may take in future trading sessions.
Is a $1 Milestone in Sight for The Graph (GRT) Crypto?
The technical analysis indicates that The Graph’s crypto has entered a bullish phase, having surged past the $0.3 threshold. Analysts maintain a positive outlook, anticipating a climb toward $0.35, which is the next supply level.
Additionally, the daily chart reveals a rising channel formation, with the price recently rebounding from the channel’s lower edge, hinting at ongoing bullish momentum.
When writing, the Relative Strength Index (RSI) stands above the mean line at 58.46 points, while the 14-day Simple Moving Average (SMA) is at 51.49 points. The observed bullish crossover of the RSI and SMA lines on the chart further reinforces the expectation of a continued bullish trend.
Conclusion
The Graph (GRT) crypto had risen nearly 18% in recent sessions, reflecting a broader market revival after positive U.S. CPI data. Data from app.santiment.net showed a growing positive divergence between The Graph’s price and daily active addresses, indicating a positive scenario for the crypto.
Furthermore, The Graph had breached the $0.3 mark, with analysts predicting a rise to $0.35. The daily chart depicted a rising channel pattern, with the price bouncing from the lower boundary, suggesting a bullish continuation. The RSI was above the mean at 58.46, and the SMA was at 51.49, adding confirmation to a bullish bias.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
