The Graph (GRT) has been one of the top performers in the latest cryptocurrency market rebound, seeing a 15% surge in its price as most altcoins benefited from a broader market rally. This upward momentum has brought GRT’s price to above the critical $0.10 level, marking a significant breakout after a prolonged consolidation phase.

Bitcoin’s Bullish Surge Boosts Altcoins

The catalyst for GRT’s recent rally can be traced to Bitcoin’s strong performance this past week, which saw its price surge above $94,000. Bitcoin’s bullish reversal, driven by speculation about easing trade tensions and positive macroeconomic factors, has raised renewed interest in risk assets, including altcoins. As Bitcoin’s price gained, altcoins followed suit, with GRT emerging as one of the top gainers among the 100 largest cryptocurrencies by market capitalization.

The broader positive sentiment has helped push GRT’s price 15% higher in the last 24 hours, continuing the positive trend seen in the past week, with GRT now up over 31%. The altcoin’s price action has mirrored that of other high-performing tokens, such as Sui and Arbitrum, further bolstering the optimistic outlook for the crypto market.

Key Technical Breakout for GRT

In addition to market sentiment, The Graph’s price surge is also supported by a key technical breakout. GRT’s price has successfully broken above the $0.10 resistance level, a crucial psychological and technical barrier. The breakout occurred following the formation of a falling wedge pattern, which is typically seen as a bullish technical setup that signals a potential trend reversal.

A falling wedge is characterized by converging trend lines and declining volume, suggesting that the market was in a consolidation phase before buyers stepped in to push the price higher. This breakout has now placed GRT above its previous resistance level, setting the stage for a potential continuation of the rally.

On-Chain Activity Supports Bullish Sentiment

On-chain activity also points to a bullish outlook for GRT. Staking activity by Indexers and Curators continues to grow, which may fuel further demand for the token. As more users participate in the decentralized infrastructure provided by The Graph, it could provide additional upward pressure on GRT’s price. The altcoin has already experienced a 44% increase in its 24-hour trading volume, reflecting growing investor interest.

Currently, GRT is trading at $0.102, with an intraday high of $0.103, and a market capitalization of $997 million, positioning it as the 71st largest cryptocurrency. While its current price remains far below its all-time high of $2.88, set in February 2021, the recent breakout could signal the start of a recovery towards higher price levels.

Could GRT Reach $0.20?

Looking ahead, GRT’s price could continue to climb, especially if the positive sentiment in the broader crypto market persists. The altcoin’s next major hurdle will be the $0.15 resistance level, and if GRT can break through this, the $0.20 mark could be the next target.

Analysts have pointed to GRT’s recent price action and the formation of a “perfect ABCD harmonic pattern,” suggesting that the altcoin may be poised for further gains. If this pattern plays out, GRT could see a recovery towards $0.15, followed by a potential push to $0.20.

However, the path forward is not without risks. If GRT fails to maintain its position above the $0.10 level, it may retest support levels closer to $0.072. A sustained decline below this support level could dampen the bullish sentiment and trigger further selling pressure.

Conclusion

The Graph (GRT) has shown impressive gains, with a 15% price surge, supported by positive market sentiment and a technical breakout above $0.10. The altcoin’s strong on-chain activity and bullish technical setup indicate the potential for further price increases, with the $0.15 and $0.20 levels serving as key targets. However, traders should be cautious, as a failure to hold above $0.10 could lead to a retest of lower support levels. As always, market conditions remain volatile, and continued attention to technical indicators and sentiment will be crucial in determining GRT’s next move.