The Graph (GRT) Breaks Out from Consolidation, Targeting $0.20

The Graph (GRT) has been one of the top performers in the latest cryptocurrency market rebound, seeing a 15% surge in its price

The Graph (GRT) has been hot on the latest cryptocurrency market rebound, now up 15% as most altcoins continued to benefit from a broader market rally that saw Bitcoin (BTC) rise above the $94,000 mark.

This upward momentum has brought GRT’s price to above the critical $0.10 level. The breakout occurred after a prolonged consolidation phase, which saw GRT’s price undergo a triple bottom formation at the $0.072 support.

What Is Driving GRT’s Price Up 15% Today?

The catalyst for GRT’s recent rally can be traced to Bitcoin’s strong performance this past week.

As Bitcoin’s price gains, it tends to siphon liquidity from altcoins, which could lead to some selling pressure on smaller tokens. However, in this case, we’re seeing both Bitcoin and altcoins rally nearly simultaneously.

This broader positive sentiment has helped push GRT’s price 15% higher in the last 24 hours. The altcoin is now up over 31% in the past week.

To put this into perspective, GRT is one of the top gainers among the 100 largest cryptocurrencies by market capitalization. For instance, Sui (WAVES) and Arbitrum (ARB) have also seen significant gains of 26% and 20%, respectively.

Crucial Technical Breakout For GRT

In addition to market sentiment, The Graph’s price surge is also supported by a key technical breakout.

Chart: TradingView

As seen from the chart above, GRT’s price has successfully broken above the $0.10 resistance level, a crucial psychological and technical barrier. The breakout occurred following the formation of a falling wedge pattern, which is typically seen as a bullish technical setup that signals a potential trend reversal.

A falling wedge is characterized by converging trend lines and declining volume, suggesting that the market was in a consolidation phase before buyers stepped in to push the price higher.

This breakout has now placed GRT above its previous resistance level, setting the stage for a potential continuation of the rally.

On-Chain Activity Supports Bullish Sentiment

On-chain activity also supports a bullish outlook for GRT.

As reported by Indexer, staking activity by Indexers and Curators on The Graph network continues to grow. This could be a factor driving up demand for the GRT token.

Moreover, as more users participate in the decentralized infrastructure provided by The Graph, it could provide additional upward pressure on GRT’s price.

The altcoin has already seen a 44% increase in its 24-hour trading volume, which could be an indication of growing investor interest.

Currently, GRT is trading at $0.102, with an intraday high of $0.103, and a market capitalization of $997 million, positioning it as the 71st largest cryptocurrency.

While its current price is still far below its all-time high of $2.88, which was reached in February 2021, the recent breakout could signal the start of a recovery towards higher price levels.

Could GRT Reach $0.20?

Looking ahead, GRT’s price could continue to climb, especially if the positive sentiment in the broader crypto market persists.

The next major resistance level for GRT is at $0.15. If GRT can break through this, the $0.20 mark could be the next target.

Recently, some analysts have pointed out that GRT’s recent price action and the volume profile form a “perfect ABCD harmonic pattern.” This pattern is a technical analysis tool that is used to identify potential price turning points.

According to the analyst, the last leg of the ABCD pattern suggests that GRT may be able to reach $0.15. Afterwards, the crypto could be able to rally further to complete the final part of the ABCD pattern, which has a 1.272-1.618 fib extension on the last swing. This move could take GRT to $0.198-$0.25.

However, the path forward is not without risks. If GRT fails to maintain its position above the $0.10 level, it may retest the key support level at $0.072. A sustained decline below this support level could dampen the bullish sentiment and trigger further selling pressure.

Overall, The Graph (GRT) shows strong potential with its recent 15% price surge. Technical breakout above $0.10, bullish market sentiment, and increasing on-chain activity bode well for further price gains. Key resistance levels to watch are $0.15 and $0.20, while a failure to hold $0.10 could lead to ret