Hello friends, today I am reviewing the 1D linear scale chart for The Graph (GRT), a cryptocurrency alt coin.
In the chart I noted:
1) GRT price has been in a long-term triangle pattern since Jan-Feb 2021. The price is approaching the apex. 2) The price recently tested the top trendline of the triangle and got rejected and may possibly re-test the bottom of the triangle again, resulting in a 20% price drop to around $0.70-$0.72. 3) The Ichimoku Cloud is showing green and the price has stayed above the cloud since the end of October 2021. If the price drops, it may only be a very quick wick down for the re-test. 4) The RSI (relative strength index) tested the bottom support trendline and could be re-testing it again forming a double bottom to help push the prices higher. 5) The Volume has not gained much momentum since March 2021 but has not significantly decreased either. 6) The VPVR (Volume Profile) shows support and resistance at the current price levels as well as the potential price drop area. If GRT can manage to break upwards out of the triangle, there is limited resistance above.
What are your opinions on this?
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Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk