In an analysis by P_S_trade on TradingView, a bullish perspective on the GRTUSDT chart has emerged. P_S_trade notes that the current price of The Graph (GRT) is at a critical juncture.
If the price breaks through the established trend line, it could result in a price surge of at least 40%. This potential breakout could indicate even greater gains in the long term.
The chart uploaded illustrates the price dynamics of The Graph token against Tether (USDT) on a daily timeframe. P_S_trade provides a comprehensive breakdown of the key elements:
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A black diagonal line represents a resistance level that GRT has struggled to overcome. This trendline outlines a series of lower highs, indicating an ongoing downtrend in the token’s price.
A horizontal pink/red zone support level exists around $0.1337. This area has been tested multiple times, demonstrating its ability to keep GRT from declining further.
According to P_S_trade, the price is nearing a crucial point. If GRT can break above the downward trendline, a sharp upward movement is anticipated. This scenario aligns with a projected price target of $0.2406, which corresponds to a significant Fibonacci level.
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Show more +Several Fibonacci retracement levels are indicated on the chart, serving as potential price targets following significant movements. After a breakout, the immediate target is $0.2406, followed by longer-term targets of $0.3868, $0.6218, $0.8717, and $1.2221, contingent upon GRT maintaining upward momentum.
The chart also features a blue arrow, suggesting a potential upward trajectory following the trendline break. Furthermore, trading volume is noted at 9.235 million for GRT, which will be critical in confirming the strength of any breakout that may occur.
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