The Graph Price Forecast: GRT Bulls Regroup At $0.8 Before Taking On $1
- The Graph recovery shapes in an ascending parallel channel as altcoins break off from Bitcoin.
- GRT trades above all the key moving averages on the 12-hour chart, including the 50 SMA, the 100 SMA, and the 200 SMA.
- An increase in on-chain network activity suggests that speculation is on an upward roll for gains past $1.
The Graph continued with the winning streak this week, whereby the bullish leg stretched to close Wednesday above $0.8. This upward roll comes to offset the losses encountered in May through to July. Intriguingly, bulls firmly held onto support at $0.48, stopping potential losses from revisiting $0.4.
As GRT lifted above $0.5 in July, the odds for an uptrend increased. Investor interest recovered as more buyers flocked to the market. Generally, holders have been rewarded for enduring the wounds inflicted by multiple selloffs in June and July.
Realize that another break above the 50 Simple Moving Average (SMA) and the 100 SMA boosted the token past $0.7, a move that culminated in the recent upswing beyond $0.8.
An ascending parallel channel seems to have control the recovery but also limited the price action, especially on Wednesday. Despite the bulls gazing at $1, the uptrend fizzled out at the upper boundary. Meanwhile, The Graph trades around $0.82 at writing as bulls put their best feet forward, bidding for gains above $1.
The Graph Hits Pause Above $0.8 But Gains Beyond $1 Imminent
The 12-hour chart shows the 50 SMA crossing above the 100 SMA, a considerable bullish signal. It is essential to realize that this signal is not a golden cross, and its impact may be limited. Nonetheless, a daily close above $0.8, and by extension, the channel’s middle boundary will maintain stability.
Closing the day beyond $0.9 will affirm the bulls’ effort in the market, thus bringing The Graph close to $1.
GRT/USD 12-hour chart
Similarly, the Relative Strength Index (RSI) shows that GRT is not overbought yet. In other words, buyers still have room to wriggle and explore before a formidable correction threatens the accrued gains. A break into the area above 70 will for some time cement the bullish prowess, helping to push The Graph above $1.
From an on-chain perspective, The Graph’s uptrend seems intact, especially with increased active users on the network. According to Santiment, an on-chain analytics platform, the number of addresses transacting on the protocol shot up in the last few days, from 754 on August 9 to 1,200 on August 12.
The Graph Active Addresses
Spikes in this metric show that speculation is mounting from the investors, and The Graph is likely accorded enough momentum to keep the uptrend growing.