The Graph (GRT) and Avalanche (AVAX) Technical Analysis: What to Expect?
Table of contents
The Graph (GRT)
Data scientists can find this indexing protocol useful. Relying on the GRT crypto, users can query public ledgers like Ethereum and the IPFS.
Past Performance of GRT Token
GRT/USDT prices were on an uptrend until after August 3 bear bar slammed the brakes on buyers.
At the time of writing, GRT coin is down four percent.
Moreover, there is a double-bar bearish reversal pattern and a distinctive bear engulfing candlestick as shows by The Graph technical analysis.
Although the GRT token uptrend is still valid, future advances depend on how well the bounce will be in lower time frames.
Day-Ahead and What to Expect
Technically, GRT buyers are in control.
Accordingly, every low may provide a loading opportunity for aggressive GRT/USDT traders.
The immediate target is $0.75 – June 2021 highs. If broken, GRT/USDT prices may float towards $1.30 in the medium term, signaling July as bottoms.
GRT/USDT Technical Analysis
As mentioned earlier, GRT/USDT prices are in an uptrend, rewinding losses of June—which were triggered by sharp May 2021 losses.
Presently, every low may offer a buying opportunity towards $0.75 – June 2021 highs.
However, a follow-through of the August 3 bear bar below $0.60 invalidates the uptrend for the GRT. It may set the pace for a retest of $0.50.
Avalanche (AVAX)
The Avalanche platform is an open-source, programmable protocol for DeFi dApps using AVAX crypto. Among projects building on Avalanche are Chainlink, Polyient, and Securitize.
Past Performance of AVAX
As per Avalanche technical analysis, prices are finding a ceiling at around July highs at $14.
The result is a double top as AVAX prices retrace, dropping two percent on the last trading day.
Technically, buyers remain in control. However, this is subject to Avalanche token buyers rejecting bears at the spot rate.
At present, AVAX prices are under pressure with light participation levels, propping bulls.
Day-Ahead and What to Expect
The uptrend is clear, but only if AVAX prices recover from spot rates and stay above $11—the middle BB.
A bullish breakout above $14 and July 2021 highs may trigger another wave of higher highs thrusting AVAX/USDT prices towards $23.
AVAX/USDT Technical Analysis
AVAX buyers are in control, reading from price action in the daily chart.
After steady gains, confirming the double-bar bullish reversal of late July 2021, retracement was expected. Risk-on traders can wait for a close above $14 before loading on dips, targeting $23.
A dump down below August 3 lows may see AVAX/USDT stutter back to $11—in a retest.