fxstreet.com 23 Feb, 2021 08:45 am

GRT risks freefall under $1 amid broad-based crypto declines

GRT risks freefall under $1 amid broad-based crypto declines
The Graph is teetering at $1.73 after its uptrend ran into a barrier around $2.9. Declines have been consistent within the confines of a descending pa

The Graph has lost two key support levels, including the 100 SMA on the 4-hour chart.Declines increased momentum, forcing the price to slice through the descending channel's middle boundary and the 100 SMA on the 4-hour chart.GRT/USD 4-hour chart Note that a break under the channel's lower boundary will trigger massive declines as The Graph falls toward $1.The 200 SMA on the same 4-hour chart is in line to offer support and prevent GRT from falling sharply.

A fall in the new addresses joining the network adds credence to the bearish picture.According to IntoTheBlock's "Daily New Addresses" model, The Graph's network growth has been falling over the last couple of weeks.

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