The Graph (GRT), the indexing protocol for organizing blockchain data, has rallied over 110% in the past four weeks as its price shows signs of a sustained trend reversal. Adding momentum is GRT’s rise above several key technical markers that previously constrained its upside moves.
Kicking off the newfound bullishness was a clean break above The Graph’s 50-week exponential moving average (EMA), a crucial long-term indicator that buoyed each of GRT’s prior uptrends. This EMA had capped all bounce attempts over the past 10 months until buyers finally breached it decisively in February 2024.
With its price lifting off this historically solid support, GRT appears poised to tackle further overhead targets next. The recent move already propelled The Graph above the 23.6% Fibonacci retracement level of its macro downtrend stretching back to 2021.
Where is the Graph headed next?
Bulls now have their sights set on the ascending trendline resistance around $0.45 that has repeatedly blocked further rallies over the past year. Conquering this barrier is key to unlocking upside potential towards the next Fib level around $0.58.
Adding fuel to the bullish fire is rising trading volumes, with weekly activity jumping 20% amidst the renewed uptick – reflecting growing conviction amongst GRT holders. If positive momentum sustains, analysts speculate The Graph’s price could reach $1 for the first time since mid-2021.
Of course, chasing such lofty price targets always risks sharp pullbacks, given crypto’s inherent volatility. But following a painful yet maturing bear market, The Graph appears ready to capitalize on the cautiously optimistic tide lifting markets broadly.
With strong developer activity entrenching its position as a leading Web3 data hub, GRT looks primed for liftoff if benchmarks like Bitcoin confirm the macro recovery.
