The Graph Price in dire straits as major support at $1.79 is breached, hinting at a sell-off. GRT could drop 40% as this flip coincides with a rejection at the parallel channel’s upper trendline. A bearish invalidation scenario will come into place if GRT price sees a decisive close above $2. The Graph Price has been consolidating in a descending parallel channel pattern for almost 20 days. GRT’s recent upswing faced rejection from the channel’s upper trendline, which has resulted in a 17% drop so far. The Graph Price eyes a lower low Since its all-time high at $2.86, the Graph price has formed a series of lower highs and lower lows. By drawing trendlines along the swing highs and swing lows, a descending parallel channel forms. GRT’s 47% upswing between February 28 to March 3 seems to have failed to move beyond the channel’s upper trendline. This rejection has caused a critical support barrier at $1.79 to be flipped into resistance (S/R flip). Now, the Graph Price could drop 40% as it heads towards the technical formation’s lower trendline. Adding credence to this bearish outlook is the Moving Average Convergence Divergence (MACD) indicator. The MACD’s 12 exponential moving average (EMA) shows signs of sliding below the 26 EMA, if completed, it represents a bearish crossover and signals a downtrend. GRT/USDT 6-hour chart Based on IntotheBlock’s In/Out of the Money Around Price (IOMAP) model, the aforementioned rejection has put 1,900 addresses holding nearly 34.38 million GRT at $1.79 “Out of the Money.” Hence, any short-term buying pressure could be absorbed by these underwater investors who might want to break even. To make matters worse, there is virtually no demand barrier beyond $1.69. IOMAP cohorts show that roughly 560 addresses hold nearly 5.76 million GRT here. Hence, a six-hour candlestick close below this level could spell disaster for the Graph price. The Graph Price IOMAP chart On the other hand, a spike in buying pressure leading to a six-hour candlestick close above $2 will invalidate the bearish outlook. In such a case, GRT could propel 45% towards its all-time high at $2.86. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next China’s main equity index poised to enter technical correction FX Street 1 year The Graph Price in dire straits as major support at $1.79 is breached, hinting at a sell-off. GRT could drop 40% as this flip coincides with a rejection at the parallel channel's upper trendline. A bearish invalidation scenario will come into place if GRT price sees a decisive close above $2. The Graph Price has been consolidating in a descending parallel channel pattern for almost 20 days. GRT's recent upswing faced rejection from the channel's upper trendline, which has resulted in a 17% drop so far. The Graph Price eyes a lower low Since its all-time high at $2.86, the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.