Graph Token Slips 8.5%, But Analysts See Bullish Signs Amid Downtrend

The Graph (GRT) token experienced a correction of 8.5% in the past 24 hours, falling from $0.023 to $0.021.

However, this decline is seen as a buying opportunity by some analysts, who point out that GRT has rallied 37.7% over the past week and 90% since forming its swing low at $0.013 in August.

A shift in trend to bullish is evident from the technical analysis, with the downtrend's most recent lower high at $0.01947 breached on September 6.

Despite this, analysts caution that the area around $0.023-$0.030 is a strong supply zone, as tokens bought during the consolidation phase are nearing or surpassing their breakeven prices.

A daily session close above $0.030 would be a reliable signal of bullish dominance, but for now, GRT traders are advised to buy the dip, particularly in the $0.01925-$0.02108 area, as identified by Fibonacci retracement levels.