The Graph (GRT) jumps 17% as BTC bounces above $46,000

GRT is one of the most advanced altcoins as BTC has bounced back above $46,000.

The price of The Graph (GRT) has hit a new weekly high of $0.95, with the rise currently fighting to break higher as Bitcoin and Ethereum surges have a positive effect on the altcoin market.

The price of the indexing protocol token has risen over 36% in the past week and over 57% in the past two weeks. At the time of writing, GRT is trading around $0.93.

Can the price of The Graph rise and break above $1 in the next two days? Let’s take a brief look at GRT’s price from a technical perspective.

The Graph’s Price Perspective

Although GRT/USD has lost some of its early morning gains due to profit-taking limiting upward movement, buyers seem to have the upper hand.

On the 4-hour chart, the upward sloping moving average curves suggest a bullish continuation.

The Awesome oscillator confirms that momentum is with the bulls as the histogram continues to rise in the bullish zone. If price breaks above the $0.95 barrier, it could extend towards $1 and see the bullishness reach the level last seen in May. The Graph (GRT) jumps 17% as BTC bounces above $46,000

GRT/USD 4-hour chart. Source: TradingView

The technical picture of GRT/USD suggests that a breakout could see the token price rise 33% to the 1.618 Fibonacci retracement level of the $0.97 to $0.44 swing. The target is at the $1.31 level, with possible gains also at $1.40 and $1.50.

If price fails to break through resistance around $0.95, immediate support is around the previous resistance area turned support near the $0.89 area. Below this anchor point, we have the 20 SMA ($0.82) and the 50 SMA ($0.75). The Graph (GRT) jumps 17% as BTC bounces above $46,000

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GRT/USD daily chart. Source: TradingView

The daily chart also shows four consecutive higher candlestick closes, with the formation of a three outer candlestick formation to the upside. There was a hint of indecision in the market this week, but that quickly turned positive with higher moves amidst a golden cross formation.

Momentum is clearly with the bulls as the Awesome Oscillator shows. The bullish side can target the Fib 2.618 retracement level ($1.85) if it were to break above the $1.31 level and maintain the upward momentum over the next few days.

If there is has a breakout at current price levels, initial bearish targets are at the Fib 0.5 ($0.70) and Fib 0.236 ($0.57) levels.