The Graph (GRT) Token on the Verge of Breaking August Highs

The Graph [GRT] token has performed well since last Monday. Like the rest of the crypto market, the token has registered double-digit price gains.

The Graph [GRT] token has registered impressive gains since last Monday. However, these gains might be short-lived as the token faced an immediate resistance level. Despite the recent gains, the long-term trend remained bearish.

GRT was priced at $0.17 on Monday, a 13.5% increase from the previous week. The token was also up by 105% from its lowest point in June. Despite the gains, GRT was still down by 80% from its all-time high.

The Graph token was trading close to a key resistance level at $0.18. This level was last tested in August and served as a strong barrier to further gains. A breakout above this level could see GRT rally toward the $0.20 price zone.

The technical indicators pointed toward bullish momentum building up for GRT. The Relative Strength Index (RSI) was at 65, indicating strong buying pressure. The Chaikin Money Flow (CMF) also surged higher, indicating capital flow into the GRT market.

On the other hand, the simple moving averages (SMAs) showed that the bear market trend was still intact. The faster 50-day SMA was below the slower 100-day SMA, indicating a downtrend.

GRT’s price action showed a lack of selling pressure. Both the price and Open Interest surged, indicating bullish sentiment among speculators. The spot CVD remained flat, indicating a lack of spot demand.

The funding rate was also positive, indicating that traders were paying a premium to hold long positions on GRT. This showed bullish sentiment in the derivatives market.