fxstreet.com 16 Feb, 2021 08:45 am

GRT on the brink of another leg up to $5

GRT on the brink of another leg up to $5
The Graph has corrected from the all-time high, close to $3, and is seeking support, slightly above $2. On the downside, support at $1.6 came in handy

GRT’s declining network growth may hinder the expected breakout.GRT/USD 4-hour chart Looking at the other side fence According to the “Daily Active Addresses” model by IntoTheBlock, the ongoing selling pressure might have come to the picture amid a declining network growth.The Graph new addresses chart It is worth noting that a declining network growth is a bearish signal, showing the token is losing traction.A bull flag pattern on the 12-hour chart adds credence to the bullish outlook.

The 12-hour chart illustrates the formation of a bull flag pattern, likely to put GRT back on the trajectory toward $5.The bull flag pattern mainly occurs in shorter timeframes and suggests that the asset will continue with its previous trend.

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