Disclaimer: The information presented does not constitute financial, investment, trading or any other advice and is solely the opinion of the author
GRT registered a sharp decline as bears took over the market.
Short-term selling pressure was still high at press time.
The graph [GRT] reached a critical level of support, but prevailing selling pressure could undermine a strong recovery. GRT faced $0.2321 price rejection, ushering in bears. So far, BRT is down more than 25%, from $0.2321 to $0.1674.
Read The graph [GRT] Price prediction 2023-24
At press time, GRT was trading at $0.1761 and exhibiting mild bullish momentum that could stifle in the short term given low trading volumes and increasing selling pressure.
Can the $0.1723 50% Fib Level Hold?
Source: GRT/USDT on TradingView
The recent drop reached the $0.1674 level but found a temporary hold at the 50% Fibonacci level of $0.1723. At the time of writing, the drop in trading volumes weakened buying pressure and market structure.
How many are 1,10,100 GRTs worth today?
Therefore, GRT could fluctuate between 50% ($0.1723) and 61.8% ($0.1864) Fib levels in the coming hours. However, bulls have to clear the hurdle at $0.1776.
Notably, the Relative Strength Index (RSI) pulled back but was still bullish at 57 units. But the Chaikin Money Flow (CMF) showed a sideways movement above the zero line, showing a battered but stable market that could enter a price consolidation.
Alternatively, trading volumes could fall further, allowing bears to break below the 50% Fib level. Such a move would invalidate the bias described above. The downtrend can be controlled by $0.1674, 38.2% or 23.60% Fib levels.
Sentiment fell as short-term selling pressure from GRT increased
Source: Sentiment
According to Santiment, GRT saw a sharp decline in weighted sentiment, indicating declining investor confidence in the asset. Nevertheless, sentiment remained positive, reiterating that the BRT was weakening but could attempt a recovery.
However, the recovery could be weak due to short-term selling pressure during the press. Notably, GRT registered a spike in supply on exchanges, indicating more tokens were being moved to exchanges for unloading, painting short-term selling pressure.
On the other hand, off-exchange supply fell, leaving little demand for GRT at the time of going to press. As such, the possible recovery of GRT can be limited with the possibility of sideways trading. But a strong bullish or bearish BTC would invalidate the above bias as GRT will take a clear price direction based on the movement of the king coin.
Source: Sentiment
This post The graph [GRT] Market Weakens – Can $0.1723 Hold?
was published first on https://ambcrypto.com/the-graph-grt-market-weakened-can-0-1723-support-hold/
