Potential 15% Rally on the Horizon for Graph [GRT]? Analyzing the Possibilities

At the current moment, Graph [GRT] seems to be gearing up for a notable uptrend as it displays a bullish price formation.

Moreover, there has been a noticeable uptick in interest for the asset among cryptocurrency enthusiasts, including traders and investors, as indicated by data from the blockchain analytics company Coinglass.

$16 million in GRT Outflow 

Recent data on the movement of GRT tokens in and out of exchanges revealed a significant outflow of $15.77 million worth of tokens.

This outflow coincided with GRT reaching a level that historically has signaled potential price reversals.

In the realm of cryptocurrencies, outflow denotes the transfer of assets from exchanges to the wallets of long-term holders or investors, suggesting a potential accumulation phase and signaling potential buying pressure.

Optimistic Positioning from Traders

Aside from the positive sentiment from long-term investors, traders have also displayed a strong interest in GRT, as per insights from on-chain analytics.

Currently, the GRT Long/Short Ratio stands at 1.20, indicating a robust bullish sentiment among traders, with 55% in long positions and 45% in shorts positions among the top GRT traders.

The increased bullish sentiment among traders and investors could be attributed to the strong upward movement in GRT’s price.

Analysis of Technical Indicators and Future Levels 

Based on technical analysis by CryptoCrypto, GRT seems to be forming a bullish falling wedge pattern on its daily chart.

This pattern typically signifies a downtrend where the price forms lower highs and lows, leading to a narrowing downward channel.

In this pattern, the price of the asset repetitively tests the lower trendline before potentially breaking out above the upper trendline. Currently, GRT is approaching the upper trendline from the lower trendline.

If recent price trends continue, GRT could see a 15% surge to meet the upper trendline. However, breaching the pattern and closing a daily candle above the $0.22 level might lead to a 50% surge towards the $0.34 level in the near future.

As of now, GRT is trading close to $0.188, with a 3.75% increase in the last 24 hours. Simultaneously, trading volume has risen by 4%, indicating a slight uptick in trader and investor engagement compared to previous days.