After dropping significantly in recent weeks, The Graph (GRT) is now finally ready to rise again. A period of consolidation has now ended, and the coin could be looking to surge upwards. But how will this uptrend play out? We will analyze below but check out these highlights first.
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GRT had bottomed at its crucial support of $0.317 in recent days.
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After consolidating, the token is now rising again and is up over 20% in the last 3 days.
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At press time, GRT was trading at $0.3885, up 6% in the last 24 hours.
Data Source: Tradingview
Can Graph (GRT) reclaim the $0.4 support?
Reclaiming the $0.4 support will be very crucial for GRT bulls. It is also the most important overhead resistance that could be decisive in the coming days. In previous trading sessions, GRT has tested $0.4 several times but has been rejected in almost all instances. There is no reason to believe that this time around, it will be different.
At press time, the token was trading at $0.3885. We expect the price action in the coming days to get close or even slightly above $0.4. But it remains unlikely that GRT will sustain any decent gains above that price.
Instead, another rejection is coming, and when it happens, the coin will pull back to its next support, which is $0.317. But if bulls can pull it off and surge past $0.4, then another 25% uptrend is possible before the correction sets in.
Graph (GRT) – The long-term outlook?
The long-term outlook for Graph (GRT) still remains very good. Yes, the coin has seen a lot of pressure at the start of the year.
The volatility is likely to persist in the next few weeks too. But analysts still think that GRT is on course for decent gains in 2022. It is therefore a good coin to buy and hold for the long-term investor.
