The Graph (GRT) In a “Buy the Dip Mode”, According to Trader

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In an office with large windows, there is a silhouette of a trader looking at an infographic showing the exchange area and trading data.
  • IncomeSharks revealed in an X post that he is bullish on The Graph (GRT).
  • According to the post, 3 confluences for the trader’s long entry trade have been attained.
  • At press time, GRT was down 2.81% and was trading at $0.1051.

The trader and analyst IncomeSharks shared in an X post yesterday that he is bullish on The Graph (GRT). According to the post, 3 confluences for his long trade have been achieved, prompting him to believe that GRT is now in a “buy the dip mode.”

According to the trader, many other traders may engage in profit-taking activity for GRT soon. He did, however, add that these traders normally cash out too early and “regret missing 2x and 3x gains.”

Meanwhile, the past 24 hours were not in favor of GRT bulls, as the cryptocurrency’s price dropped 2.81% during this period. At press time, data from CoinMarketCap indicated that GRT was down 2.81%, and was trading at $0.1051 as a result.

GRT’s price drop throughout the past day of trading coincided with the broader market decline over the past 24 hours. CoinMarketCap data indicated that the market’s collective valuation dropped by 0.16%. Subsequently, the total market cap was estimated to be around $1.27 trillion.

Despite the 24-hour loss, GRT’s weekly performance remained deeply entrenched in the green zone. At press time, GRT’s price was still up 14.63% over the past 7 days.

Daily chart for GRT/USDT (Source: TradingView)

GRT had plummeted below the key $0.1045 mark over the past 48 hours, but had managed to recover since. Nevertheless, the risk of the cryptocurrency’s price dropping in the short term remained.

To invalidate this bearish thesis, the altcoin’s price will first need to close a daily candle above $0.1045 in the next 48 hours. This could then give GRT the foundation needed to rise to the next barrier at $0.1135 in the following few days. If GRT is not able to close a daily candle above this mark within the next 48 hours, it may remain at risk of potentially falling to $0.0945.

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