Elite Analyst Explains The Graph (GRT) and Hedera (HBAR) Price Movements – Here’s His Outlook
The Graph and Hedera – two projects emerging in the crypto world right now As the markets ebb and flow, elite analysts are watching these assets like hawks. One of the sharpest technical minds out there, Rekt Capital, has just dropped a fresh analysis on GRT and HBAR
Starting with The Graph (GRT), Rekt Capital has been closely monitoring its performance since late November 2023, when it was on the verge of breaking out from a macro Ascending Triangle pattern. According to his analysis, GRT successfully traversed the entire red-red macro range, spanning from $0.15 to $0.37, after confirming the breakout and subsequent retest of the pattern’s top.
Rekt Capital notes that GRT is currently attempting to break out from this range, aiming to reclaim and old resistance level, similar to how it previously confirmed the Range Low as new support.
He highlights the similarity between GRT’s current retest of the Range High and the potential formation of a re-accumulation range, indicating potential consolidation phase before the next move. (Note: GRT is currently trading around $0.40)
On the other hand, Hedera (HBAR) has taken a different path, according to Rekt Capital’s analysis. Initially, he identified HBAR’s historical support area (red), which coincided with the multi-year Higher Low support trendline (green).
After rebounding from this Bear Market Bottom region, HBAR formed a macro wedging structure (blue), with the base of the pattern being the multi-year Higher Low trendline support. Retesting the top of this blue wedging structure was crucial for confirming the breakout, which HBAR successfully accomplished over time.
Rekt Capital emphasizes that HBAR needs to retest the black $0.11 level as support to rally via the black pathway. Historically, clearing this $0.11 level has enabled tremendous upside for HBAR. After a successful retest of this level as support, HBAR would face two major resistance areas above (green), potentially forming a re-accumulation range between them in the mid to long-term. (Note: HBAR is currently trading around $0.11)
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Show more +In the short-term, the question remains whether HBAR needs to undergo further downside wicking towards the red region, which acted as resistance previously, forcing a retest of the top of the blue pattern (yellow circle). Alternatively, a retest of the black $0.11 level as support could be sufficient for HBAR to gear itself up for further upside in what is now a confirmed new macro uptrend since breaking out from the blue pattern.
In conclusion, both The Graph (GRT) and Hedera (HBAR) are exhibiting intriguing price movements, as analyzed by the esteemed Rekt Capital. While GRT appears to be on the verge of a potential breakout from its macro range, HBAR is navigating through a critical support retest phase, with the potential for significant upside if it successfully clears this hurdle.
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