• GRT entered a price consolidation phase over the weekend with bulls finding steady support at $0.1475.
• The Graph [GRT] saw bullish order blocks and trends on the lower and higher timeframe charts.
• Short-term bulls could look for gains at the 50% Fib level of $0.1790, while short-term sellers could book profits at $0.1509 (23.6% Fib level).
Overview of The Graph’s [GRT] Price Movement
The Graph [GRT] entered a price consolidation phase over the weekend after experiencing an 80% hike from $0.1258 to $0.2323 within a week. Bulls found steady support at $0.1475, which was also a bullish order block on the 12-hour timeframe chart and gave them an impetus to book profits on the overhead resistances.
Bullish Order Blocks & Trends
On both lower and higher timeframe charts, GRT displayed bullish order blocks and trends at press time as the RSI was at 53 despite the recent sideways movement indicating a bullish structure, and OBV (On Balance Volume) hiked slightly as well. Near-term bulls could look for gains at the 50% Fib level of $0.1790 after buying GRT just above $0.17 (38.2% Fib level), while cautious bulls could wait for a retest of the 38.2% Fib level before making moves; conversely, short-term sellers could book profits at $0.1509 (23.6% Fib level) if GRT breaks below $0.1590 as well..
Accumulation Trend Analysis
In addition to its bullish structure on lower and higher timeframe charts, GRT also registered spikes in supply out of exchanges and exchange outflow indicating accounts were accumulating the asset; moreover, its demand stayed stagnant during this period as indicated by its Funding Rate since 8 February which correlated with GRTs price consolidation between $0
