The Graph Leads the Market With an 18% Rally As Decred Counters

Key Insights:

• The Graph shot up by 16.37% today to trade at $0.149.
• Decred balanced the bullishness with a decline to $37 today.
• Bitcoin and Ethereum also rose today to trade at $23.9k and $1.7k.

The previous 24 hours have recovered the hope investors were losing out on as the crypto market cap rallied to $1.1 trillion thanks to the likes of The Graph.

The bullishness also had an impact on the king coin Bitcoin and the altcoin king Ethereum with the former almost hitting $24k and the latter rising to $1.76k.

The Graph Charts a Rally

Up by more than 16.3% during the intra-day trading, GRT managed to regain almost the entirety of the 40.95% losses the altcoin witnessed during the June crash.

Now the next major milestone after $0.5 is the recovery from the May crash and closing above $0.2, which does appear to be a possibility.

Firstly the altcoin is maintaining the uptrend that began towards the end of last month and the consistent presence of the white dots below the candlesticks is indicative of the same.

As long as the Parabolic SAR maintains this position, GRT will perform well.

Secondly, backing the same is the Awesome Oscillator which is back to exhibiting bullishness with its green bars after a few days of red bars.

The indicator flipped its position to stay above the neutral line after almost two months, and maintaining the same is crucial for a recovery going ahead.

Decred Leads the Others

The altcoins that resorted to a downtrend despite the broader marker cues being bullish were led by Decred, which is seemingly in a phase of correction after the massive 91% rally it witnessed in the 24 hours 3 days ago.

Down by 28% in the span of 48 hours, DCR lost the $40 support it had earlier today.

The Bollinger Bands still indicate the presence of high volatility in the market evinced by the divergence of the bands, but the altcoin has the advantage of the candlesticks being above the basis.

Thus, as long as DCR doesn’t lose that, no price swing will result in a decline beyond the scope of correction.

As it is, the Chaikin Money Flow is making it evident that a part of this rise was caused by FOMO investing, which is being reversed thanks to the outflows noted on the network.