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GRT Surges: Bullish Pattern and Strong Sentiment Drive 50% Upside Potential

Coin WorldMonday, Jan 27, 2025 1:37 am ET

1min read

The Graph [GRT] appeared poised for a significant upside at press time, as it formed a bullish price pattern. The asset had started gaining considerable attention from crypto enthusiasts, including traders and investors, as reported by on-chain analytics firm Coinglass.

Data on spot inflow and outflow revealed that exchanges have experienced a significant outflow of GRT tokens worth $15.77 million over the past few days. This outflow started shortly after GRT reached a level historically associated with price reversals. In the cryptocurrency landscape, outflow refers to the movement of assets from exchanges to long-term holders or investors’ wallets, indicating potential accumulation and suggesting possible buying pressure.

In addition to the bullish sentiment of long-term holders and investors, traders have also shown strong interest in the token. At press time, the GRT Long/Short Ratio was 1.20, indicating a strong bullish sentiment among traders. Furthermore, 55% of top GRT traders held long positions, while 45% held short positions. The strong bullish sentiment among traders and investors has potentially been driven by its robust bullish price action.

According to technical analysis, GRT appeared to be forming a bullish falling wedge pattern on its daily time frame. This pattern indicates a downtrend in which the price forms lower highs and lower lows, creating a narrowing downward channel. In this pattern, the asset’s price repeatedly tests the lower trendline before eventually breaking above the upper trendline. At the time of writing, GRT was at the lower trendline and was moving toward the upper trendline.

Based on the recent price action, GRT could easily surge by 15% to reach the upper trendline of the pattern. However, if it breaches the pattern and closes a daily candle above the $0.22 level, there is a strong possibility it could soar by 50% to reach the $0.34 level in the coming days.

GRT was trading near $0.188 at press time, having experienced an upside momentum of 3.75% in the past 24 hours. However, during the same period, its trading volume increased by 4%, indicating a modest rise in trader and investor participation compared to previous days.

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