The Graph token has proved to be a great investment for this month, rising by more than 64% this month. If the current trend continues, we can see a new all-time high by the next month. We saw the token create a new monthly high at $1.0727.
The data from CoinMarketCap shows that the trading volume of the token rose by 223.38% in the last 24-hours with a 16.43% surge in the market capitalization. The performance of The Graph token has been bullish since the past few days, with a 30-day low of $0.6201 and 30-day high made today at $1.07.
Following the trend of Bitcoin, the majority of altcoins have been bullish with Solana almost reaching a new all-time high.
The Graph price analysis on the daily chart using technical indicators
The technical indicators suggest that The Graph token will remain bullish in the short term as the price action has breached the upper end of the Bollinger Bands.
Furthermore, the price action is progressing above the 50-day and 100-day Moving Averages, suggesting that these levels will act as support in the near term.
The RSI indicator shows that The Graph token has entered the overbought zone, i.e., the line has entered the region above the 60-level.
The price levels have surged after the MACD indicator witnessed a bullish crossover, wherein the MACD (blue) line crossed over the signal (orange) line. The histogram is now filled with green bars, i.e., the buying pressure has defeated the selling pressure.
The GRT token has been bearish in the past 24 hours, making a high of $1.07 and a low of $0.8768. Therefore, the conclusion for today’s analysis is on a bullish note, with higher prices possible in the short term.