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GRT Technical Analaysis: Price Above the Fibonacci Pivot Point of $0.8913

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The Graph (GRT) shows it is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. There is a hosted service in production that makes it easy for developers to get started building on The Graph and the decentralized network will be launching later this year. The Graph currently supports indexing data from Ethereum, IPFS, and POA, among others. The GRT technical analysis is as follows:

Past Performance

On May 19, 2021, GRT started trading at $1.096 and closed at $0.875. On May 20, 2021, during the latter hours of trading, it fell to $0.796. In the past week, the GRT price has decreased by roughly 26%. During the last 24 hours, GRT has traded between $0.872-$$0.893.

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Price Movement

GRT was trading at $1.172 on May 18, 2021. It was at a good price after which the price has been falling through May 19, 2021, to find support at $0.569 on May 20, 2021. It touched a short peak of $0.937 on May 21, 2021.

GRT Technical Analysis

The MACD and signal lines are neutral. Moreover, a positive crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum seems down. We can expect the price to stay the same or go down.

Currently, the RSI indicator is at 54%. It faced rejection at 76% and rallied to the current level. Thus, selling pressures are high. Thus, the RSI indicator is giving further credence to flat signals given by the MACD oscillator.

Currently, the price is above the Fibonacci pivot point of $0.8913. The price has yet to breakout of the third resistance level of $0.943. The price may break out of the subsequent resistance levels of $1.10 levels in the coming few days.

Thus, as of now, the neutral seems strong and the price likely to stay flat.

   

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