The Graph [GRT]: Bulls head for overhead resistance, but $0.1800 is key

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. GRT was in a bullish market structure at press time. It could break the $0.1800 hurdle if BTC rises above $22.25k. The Graph [GRT] built on its January rally and provided another 75% gains […]

In the past two weeks, GRT retested the support zone at $0.1400 twice. The retests provided buying opportunities. Although the first test ended with a stifled recovery, the press time retest could overcome resistance at $0.1616.

The 12-hour chart was bullish, as were the lower time frame charts. Therefore, the bulls could overcome the hurdle at $0.1800 and target the overhead resistance at $0.2087. However, they should overcome the $0.1865 obstacle to gain more leverage. Thus, bears could gain more influence on the market if GRT cannot overcome $0.1800. In such a case, GRT could fall to $0.1616 or $0.1598, which would invalidate the trend described above. These levels could be used as opportunities for short-selling.

But a massive drop was highly unlikely due to macroeconomic conditions. Stocks and the U.S. equity market remained stable despite higher-than-expected inflation in January. Similarly, BTC steadied and began a recovery. If BTC holds the level above $22.25k, GRT could overcome $0.1800 and target an overhead resistance of $0.2087.According to Santiment, the weighted sentiment recovered from the deeply negative side. This showed that GRT investors’ confidence in the assets improved.

On a positive note, GRT’s Open Interest rate surged significantly at the time of writing. If OI increases and weighted sentiment turns positive, a convincing breakout above $0.1800 could be possible.Subscribe to get it daily in your inbox.

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