The Graph (GRT) jumps 17% as BTC rebounds above $46k

GRT is one of the altcoins to rally harder as BTC rebounded above $46,000

The Graph (GRT) price has reached a new weekly high of $0.95, with bulls currently battling to break higher as Bitcoin and Ethereum’s surges have a positive effect on the altcoin market.

The price of the indexing protocol token has increased by more than 36% in the past week and over 57% in the past two weeks. As of writing, GRT is changing hands around $0.93.

Can The Graph price go up and break above $1.00 over the next two days? Let’s briefly look at the GRT price from a technical perspective.

The Graph price outlook

Although GRT/USD has pared some of the early morning gains as profit-taking limits upside moves, buyers appear to hold the upper hand.

On the 4-hour chart, upward sloping moving average curves suggest further strength for a bullish continuation.

The Awesome Oscillator confirms the momentum is with the bulls as the histogram continues to increase within the bullish zone.  If the price breaks above the $0.95 barrier, it could extend towards $1.00 and see bulls hit the level last reached in May. 

GRT/USD 4-hour chart. Source: TradingView

The technical picture for GRT/USD suggests a breakout could see the token’s price rally 33% to the 1.618 Fibonacci retracement level of the swing from $0.97 to $0.44. The target is at the $1.31 level, with possible gains also at $1.40 and $1.50.

If the price fails to clear the resistance around $0.95, immediate support lies around the previous resistance turned support zone near the $0.89 zone. Below this anchor, we have the 20 SMA ($0.82) and 50 SMA ($0.75). 

GRT/USD daily chart. Source: TradingView

The daily chart also shows four consecutive higher candle closes, with the formation of a three outside up candle formation. There was a hint of indecision within the market this week, but that has swiftly flipped positive with higher moves amid a golden cross formation.

The momentum is clearly with the bulls as shown by the Awesome Oscillator. Bulls can go for the 2.618 Fib retracement level ($1.85) if they break above $1.31 level and sustain upside momentum over the next few days. 

If there’s a breakdown at current price levels, bears’ initial targets lie at the 0.5 Fib level ($0.70) and the 0.236 Fib level ($0.57).