The Graph Price Forecast: GRT Makes A Run For $1.2 Riding On Improving On-Chain Metrics
- The Graph has finally broken out of the ascending parallel channel as the price closes in on $1.
- Multiples technical and on-chain metrics align for a massive rally aiming for $1.2 in the near term.
- The transaction history model shows that buyers have the upper hand with robust support in place.
The Graph is flying the bullish flag above the cryptocurrency horizon, following an ongoing recovery from the lows traded in July $0.48. An ascending parallel channel controlled the upward action for the last nearly three weeks. However, GRT has finally escaped the trappings of the channel and is quickly heading to $1.
The Graph Bulls In the Driver’s Seat
Following the breakout above the upper boundary of the ascending channel, GRT stepped above $0.9. In the meantime, the token is doddering at $0.92 while bulls look forward to lifting above $1.
It is imperative to realize the multiple buy orders in the 12-hour timeframe. For instance, the 50 Simple Moving Average (SMA) has crossed above the longer-term 100 SMA. While this is not a golden cross, analysts consider it a bullish index.
Similarly, the Moving Average Convergence Divergence (MACD) indicator shows that buyers have the upper hand, especially after the technical tool moved above the mean line. With the MACD still moving higher in the positive region, bulls are bound to stay in control.
The Graph also trades above all the key moving averages in the same timeframe, including the 200 SMA (in line to provide support at $0.77), the 50 SMA, and the 100 SMA. The anticipated breakout at $1 will most likely trigger massive buy orders as investors eye $1.2.
GRT/USD 12-Hour Chart
Following the majestic rebound from $0.48 to highs above $0.9, higher and robust support must be provided to The Graph to avoid a correction wiping off all the gains. Hence, IntoTheBlock’s IOMAP on-chain model reveals massive buyer congestion in the zone between $0.77 and $0.88. Here, roughly 1,600 addresses previously purchased 128.5 million GRT. These addresses are profiting from the gains made in the last few days. Thus selling pressure would be absorbed in favor of another swing upward.
The Graph IOMAP Chart
On the upside, The Graph does not seem to have a formidable resistance that would hinder its progress to $1. Moreover, if the subtle hurdle at $1.04 is broken, GRT will have a smooth run to $1.2.