GRT Price Analysis: The Graph takes a major hit as selling pressure keeps on mounting 

• GRTI/USD is currently priced at $0.09 and has decreased by 0.06% over the past day
• The trading volumes have decreased by a monumental 39.61% over the past day 
• The technical indicators suggest a bearish price action for the near future

Short Term View: Dream scenario for bears as massive profit-taking takes place in The Graph Coin 

The Graph price today is $0.092157 USD with a 24-hour trading volume of $25,800,335 USD. The Graph Coin is down 0.06% in the last 24 hours. The trading volumes have decreased over the past day as the altcoin struggles to attract buyers at the current price levels. The Volume to Market Cap Ratio stands at 0.04057, which reflects the weak sentiment prevailing in the market.

The golden run of Feb 2021 saw The Graph Coin climb to it’s all time high of $2.88 ,a level which it has been trying to reclaim ever since. A series of corrections has reduced The Graph to a shadow of its former self as the coin aims to come out of the rubble that it finds itself in. The bearish momentum is depicted by the 20 and 50 SMA on the 4 hour chart,as the coin finds itself trading below them. The momentum could sink the coin even further over the next couple of days, with the support level placed at $0.08. The resistance, on the other hand,lies at $0.10.

Long Term View for The Graph 

The RSI for The Graph Coin is currently transacting at 33.22 and seems to be plunging towards the oversold territory rapidly as the selling pressure heats up in the market. The altcoin seems to be under huge bearish influence as is indicated by the green histograms becoming almost redundant on the daily chart. The MACD and signal lines continue to transact in the negative zone as well, which adds to the bearish outlook for the near term.

Conclusion

The Graph prices have nosedived over the past few weeks,with the coin losing almost one third of it’s value in the past 2 weeks alone. If bears are able to keep up the pressure, the asset could plunge further to the next support levels, which seems likely at this point of time.

Support: $0.08

Resistance: $0.10

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.