The GRT ready to come out of lockdown? – GRT was developed on the Ethereum blockchain, the original token of The Graph protocol. Decentralized, its goal is to index and query data. Many users see this project as one of Google’s potential future projects, but it has been taken to the blockchain world. Today, like every Wednesday, we meet for the Crypto Nugget. what is the point? Provide technical analysis of the most requested project during the survey conducted On our Twitter account. Without further ado, let’s now turn to our charts to assess the evolution of the origin of the GRT.
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TSO in difficulty on a weekly scale?
after Its all-time high At $2.88 in February 2021, the Gross Income Tax continued to lose its value, and within a year returned to its key levels as of January 2021. The price (for the time being) has managed to stabilize above the $0.28/0.31 region, making it an important support area that, In the case of a weekly loss, it would cause the TSO to fall even more. Of course, as long as the price does not break this level on the weekly range, there is a very low risk that the downtrend may continue. But then, what are the current goals?
On the weekly range, in order to hope for a new bullish rally on GRT, it will be necessary to break the previous highs. Given the price structure, it would be interesting to recover $0.53 (the most recent high), and at best $0.55. Hence, GRT will reintegrate the previous support which is currently acting as resistance. This is the level to take if we want to see some movement on this asset. On the contrary, there will be a continuation of fluctuations between this resistance and the aforementioned support.
Is there ‘positive’ momentum in the short term?
We are here on a daily scale, which allows us to zoom in on the weekly chart we just discussed. What we are currently seeing is the price fluctuation between two pre-determined areas on a higher time scale. The blue area captures this price volatility within the range. TSO failed to cross a key level allowing it to resume its upward or downward momentum.
You can see in the center of the range a gray rectangle representing the polar region. But then, what is this? It is an area within range that acts as a magnet. When the price is below that, it acts as resistance. On the contrary, when the price is higher, this area acts as a support. The breakout happened a few days ago, which changed the momentum, but only inside the blue zone. The odds of returning to the upper boundary of the rectangle are theoretically higher than returning to the lower bound since the price is now above the polar region.
If TSO succeeds in reclaiming $0.53, signs of a return to bullish momentum will strengthen the asset. Thus, several medium-term goals can be envisaged:
These three technical levels correspond to resistance, where the price was rejected in the past, causing the continuation of its downtrend. Conversely, in the event of a downside break from the weekly support, the first target would be a return to $0.23.
Below is the current market analysis for the GRT asset along with the key levels you need to watch. For now, you should realize that we are in a much calmer dynamic. The market is in hesitation, the price has been oscillating between its supports and resistance over the course of the weeks. But sooner or later, the decision will come with the appeal of a well-defined dynamic. At that time, it will be necessary to be prepared to react, regardless of the direction of the price. In addition to these financial analyzes that may seem like black magic to some, feel free to discover the basics of charting using one of our YouTube videos.
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