The Graph (GRT) Price Prediction: GRT Poised for a Significant Upside as it Forms a Bullish Falling Wedge Pattern

The Graph [GRT] appeared poised for a significant upside as it formed a bullish price pattern at press time. In addition, the asset had started gaining considerable attention from crypto enthusiasts

Crypto asset The Graph [GRT] had started gaining considerable attention from crypto enthusiasts, including traders and investors, as reported by the on-chain analytics firm Coinglass.

According to the firm’s data, exchanges have experienced a significant outflow of GRT tokens. Data on spot inflow and outflow revealed that over the past few days, exchange outflows amounted to about $15.77 million.

This outflow started shortly after GRT reached a level historically associated with price reversals. In the cryptocurrency landscape, outflow refers to the movement of assets from exchanges to long-term holders or investors’ wallets. This indicates potential accumulation and suggests possible buying pressure.

Moreover, traders have also shown strong interest in the token, as revealed by the on-chain analytics firm. At press time, the GRT Long/Short Ratio was 1.20, indicating that for every 1.20 long positions, there was one short position, reflecting a strong bullish sentiment among traders.

Press time also saw 55% of top GRT traders holding long positions, while 45% held short positions. The strong bullish sentiment among traders and investors has potentially been driven by its robust bullish price action.

Technical analysis and upcoming levels

According to AMBCrypto’s technical analysis, GRT appeared to be forming a bullish falling wedge pattern on its daily time frame. This pattern indicates a downtrend in which the price forms lower highs and lower lows, creating a narrowing downward channel.

In this pattern, the asset’s price repeatedly tests the lower trendline before eventually breaking above the upper trendline. At the time of writing, GRT was at the lower trendline and was moving toward the upper trendline.

Based on the recent price action, GRT could easily surge by 15% to reach the upper trendline of the pattern. However, if it breaches the pattern and closes a daily candle above the $0.22 level, there is a strong possibility it could soar by 50% to reach the $0.34 level in the coming days.

GRT was trading near $0.188 at press time, having experienced an upside momentum of 3.75% in the past 24 hours. However, during the same period, its trading volume increased by 4%, indicating a modest rise in trader and investor participation compared to previous days.