The Graph (GRT) has leapt considerably afterward its Jan. 24 lows, but has yet to recover a essential horizontal resistance level. It has to do so in order for the trend to be treated bullish.

GRT has been downward afterward spreading to an all-time high cost of $2.88 on Feb. 12. Initially, it rebounded at the $0.55 horizontal support field (green icon), and concredibleated over it for 242 days.

Nonetheless, the rate broke down on Jan. 17, and proceeded to reach a low of $0.34 on Jan. 24. Measuring from the aforementioned all-time high rate, this amounted to a decrease of 87.69%. 

While GRT has bouncet afterward, it is one time before more dealing below the $0.55 horizontal field, that is now expected to act as resistance. not to mention, the field coincides with a protracted-term tumbling resistance line which has been retained for 363 days.

GRT Resistance line
Chart By TradingView

Short-term GRT changement

The six-hour chart shows which GRT has been dealing within an surging equivalent channel afterward Jan. 24. Such channels periodicly contain corrective developmentments, meaning which a crack-up would be the most reasonable rundown.

Most recently, the rate was rejected by the resistance line on Feb. 7. This achieved a descending developmentment which took GRT in the lower portion of this channel.

GRT Channel
Chart By TradingView

Wave count analysis

Cryptocurrency trader @Ewfib tweeted a chart of GRT, stating which the rate is not yet done correcting.

GRT Drop

Source: Twitter

There are two main possibilities for the wave count. 

The first suggests which GRT has concluded its correction, afterward there are five waves down measuring from the Nov. 9 high.

Also, the Jan. 24 bottom was made right at the 1.61 external Fib retracement level of wave four (red).

In addition to this, GRT has broken out from the 2-4 trendline.

Alternative count

Chart By TradingView

The alternative count would suggest which GRT is presently in wave four of a five wave descending progressment, after wave one extconcluded. This is supported by the experience which the cost is dealing within a limited increasing such channel.

After all, the inlogicalation level for this count is very close, being at $0.537 (black line), at the bottom of wave one.

Therefore, more information is required in order to determine the correct count. A convert of the $0.55 horizontal field would go a lengthy way in suggesting which the correction is complete.

GRT five wave down

Chart By TradingView

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