Crypto investors closely monitor The Graph (GRT) token's recent performance amid market consolidation. The GRT chart hints at a potential significant bounce, supported by a familiar technical setup.
At the end of 2024, GRT broke out of its descending channel, reclaimed the 100-day moving average, then quickly crossed above the 200-day moving average. It then experienced a brief consolidation phase before exploding 76% upward.
Today, GRT appears to be reproducing a similar pattern. It has once again broken out of a descending channel and reclaimed its 100-day moving average. Its current price is hovering around the 200-day moving average at $0.1113, consolidating within a narrow range, marked by the same type of correction that preceded its previous breakout. The resemblance to the 2024 structure is striking and could signal a new bullish movement.
If GRT manages to maintain above the 100-day moving average at $0.0978 and achieves a clear breakout above the 200-day moving average, this current consolidation could mark the beginning of a new uptrend. Should the fractal pattern fully materialize, GRT could climb toward the upper resistance of the broader descending wedge pattern, around the $0.19 to $0.20 range, offering upside potential of 90% from current levels.
However, bulls will want to see continued strength above the 100-day moving average to keep this bullish structure intact. A breakdown below the moving averages could weaken the case for a short-term rally.
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Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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