The Graph sustains $0.05 support: Will GRT recover further?

The Graph remains a massively volatile coin in the last 12 months. At the beginning of 2022, it was trading around $0.68, but currently, it is trading around $0.061, which suggests a bearish pressure in the market.

Experts suggest that it may not be the right time to invest in GRT for the long term. Should you invest for the short term? Click here to read our The Graph price prediction.

GRT PRICE ANALYSIS

At the time of writing this post, GRT was consolidating between a range of $0.052 and $0.072. The current price of The Graph is around the bottom of the daily price chart, which suggests an appropriate time for short-term investment. However, it can be risky because, in the last three months, GRT has reduced its value from $0.1024 to $0.052.

Interestingly, most technical indicators suggest bullishness on the daily chart, which means GRT may break the resistance of $0.07, so the next resistance can be around $0.09.

GRT PRICE CHART

On the weekly chart, GRT price is forming a bottom around $0.05, but it does not make the token bullish until it forms a higher high. Though MACD is bullish, RSI is below 35, and candlesticks are forming in the lower Bollinger bands, which does not indicate bullishness for the next few months.

You can invest for the short term, but it is not the right time to accumulate the coin for the long term because if it breaks the support, you can buy GRT at a much lower price. We need to wait for a few months until The Graph forms a bottom decisively.

2023 will be volatile for the crypto market, so you can expect a lot of volatility even in GRT. The upper range can be around $0.13, but you need to keep a closer eye on the price to book the profit at the right time. Overall, this year will be for experienced traders who can pick the market’s trend at the right time.

If you want to increase your crypto portfolio, you should look for safer digital assets like Bitcoin or Ethereum; those large-cap coins will face a little less volatility than GRT.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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