Technical analysis suggests a 270% price increase for a trending AI coin since January. With the explosion of AI coins this year, the data space is getting a lot of attention from many investors.
This AI coin could rise 270% in the long run
The related altcoin Graph (GRT) has been trading below the 20-week MA-EMA cluster since November 2021. This cluster has declined prices multiple times, most recently in late October 2022 (red arrow). This rejection led to a low of $0.52 in November of that year.
However, the price has been rising since then and with a large bullish candle, the MA-EMA broke above the 20-week cluster ($0.1). This is a very important price action because this cluster is often used to identify long-term trends. Thus, it signals that the long-term bearish trend of GRT may be over.
This prediction, put forward by Azcoinnews analyst David, is supported by the fact that the price managed to convert this cluster to support last week. Therefore, the price of GRT could continue to rise to its last local high of $0.23 and higher to the long-term resistance area of $0.52, indicating a potential increase of over 270% from the current price level.
Additionally, the RSI data supports this possibility as it formed a significant bullish divergence before the entire upside move and remained above 50.
Graph (GRT), 4-hour graph analysis
Looking at the 4-hour chart on the shorter timeframe supports GRT’s uptrend. GRT price broke above a short-term descending resistance line formed at the last local top. This price action was a bullish development that marked the end of the short-term correction period.
The RSI has bounced from the oversold zone and is rapidly approaching the overbought zone, indicating strong buying pressure at the lower levels. The next short term resistance level to watch is higher at $0.1450 and $0.1860.
Graph Network, also known as “Graph”, allows users to create APIs known as subgraphs to enable applications to talk to each other. As Kriptokoin.com, we have included the usage areas in this article. The artificial intelligence coin is currently trading at #41 by market cap. According to technical analysis, we can see a setup as follows in the short term in GRT price.
Solution
According to technical analysis, the most likely expectation is that GRT will continue to rise in the near future. The key levels to watch for this increase are $0.23, $0.52 and higher. This bullish view will be invalidated once the price drops below the MA-EMA 20-week cluster at the average price level of $0.1.
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