Join Our Telegram channel to stay up to date on breaking news coverage
The Graph has recorded an over 3% price increase today, trading at $0.1556. The asset is currently ranked 40 in the coinmarketcap crypto market list and has a live market cap of over $1.4 billion. Also, its circulating supply is now at 8.82 trillion GRT tokens with no maximum supply available. Here is the technical analysis for this crypto asset.
The Graph Technical Analysis
The Graph is trading above its 50-day and 200-day Simple Moving Averages (SMA’s), indicating a bullish trend for the asset. Despite trading in a downtrend for the past week, it is now on the path of recovery, recording a higher high on the price chart today. Also, the bullish pressure has created a golden cross on the chart, which signals a further increase for the assert.
GRT’s Relative Strength Index (RSI) is at 54.40, indicating the asset’s price neutrality. Also, the indicator is moving sideways and might go either way depending on the pressure exerted in the market.
The Moving Average Convergence/Divergence (MACD) is below its signal line showing a bearish tendency. However, the histogram shows weak bars which might signal a trend reversal to the upside for the asset.
The support levels are $0.1381, $0.1435, and $0.1520; the resistance levels are $0.1658, $0.1711, and $0.1796. GRT will likely test the $0.1568 resistance level in the coming days and if the bulls persist, a rally will occur in the coming weeks.
GRT Price Prediction
GRT Price Prediction 2023
The Graph network will expand in 2023 as it gets more connectivity to different blockchains. The Decentralized Finance factor will depend more on the Graph for solutions as the network expands.
The Graph might reach $1.10 by the end of 2023. However, if the price crashes, it will have a minimum value of $0.24 this year. The average price expectation for the token is $0.63 in 2023.
GRT Price Prediction 2025
Another bull run is expected in 2024 and the effects should boost the token’s price into 2025. The network will probably undergo some upgrades to stay ahead and relevant in indexing data for its growing users.
It is expected to increase more than 50% above its all-time high value to hit an average price of $4.77 in 2025. Also, if it does not perform well it will remain at $2.40. However, if it does well it will reach a high value of $5.79 in 2025 with the potential to explode more in the coming years.
Note that all cryptocurrencies are volatile and carry significant risks for investors and traders. Proper risk management techniques and sound technical analysis are vital for balanced trading.
What Is Graph (GRT)?
The Graph is an indexing protocol for querying data on popular networks such as Ethereum. Also, it powers different applications on Web3 and DeFi platforms. On the networks, users are free to build and publish APIs referred to as subgraphs which applications can query using GraphQL to recover blockchain data.
More than 3,000 subgraphs have been used on the network by numerous developers for DApps such as Uniswap, Aragon, Gnosis, and Decentraland amongst others. It achieved an all-time high of over 7 billion queries in September 2020.
The Graph has a global following with a community of developers keen on the latest trends in Web3 and other advanced technology.
A team of professionals from the Ethereum Foundation, Decentraland, Orchid, MuleSofe, and Open Zepplin created the Graph project. The network has grown more relevant as it helps developers with queries on its network.
Graph Price Action
The Graph is way off its all-time high value of $2.88. However, 2023 has ushered in positive price action for the asset. It traded at $0.0565 on January 1, 2023, and rose to $0.0920 0n January 26, 2023. It crossed over to $0.1133 on February 4, 2023, and has maintained a positive price outlook ever since.
Although the price increase is not so exponential the asset is expected to exceed the $1 price level before the end of 2023. However, like other cryptocurrencies factors like global inflation and regulation could affect its final price outlook.
Factors On The Graph Network That Might be Pushing Its Price
Certain factors on the Graph network might be pushing its price action. Developmental activities and upgrades have an important role to play in the growth of any crypto project.
Graph New Record For Decentralized Apps Might Be Pushing Its Price
Last week set a new record with the highest number of Dapps querying the @graphprotocol network in the past 2 months 📢
✅ 129+ unique #Dapps queried the network
📊 2.2M+ GRT queried in total and growing https://t.co/axf2UAMKW5#blockchain #decentralized #Web3 pic.twitter.com/q03BTf76yM— DappLooker (@dapplooker) February 5, 2023
DappLooker, an analytical platform, reports record-breaking events for the graph network. A new record for the highest number of Decentralized Applications (DApps) querying the Graph network was set.
Over 129 DApps queried the network and over 2.2 million GRT queried. These stats show that community interest in the network is rising and leading to a price increase.
GRT’s Educative Interviews Engaging Its Community
🚀 There’s a lot of talk about $GRT right now on CT. But what is @graphprotocol, what does it do for #web3, & where is it going?
After recording +100 interviews w/ members of the ecosystem, we’ve got the answers.
🧵 Here’s a thread to help get you started! #TheGraph #GRT
— GRTiQ (@grt_iq) February 6, 2023
Also, the Graph network holds educative interviews to help their growing community understand the project’s scope. Historically, community-based cryptocurrencies perform better in the market since increased interest sometimes translates to more trading activities.
Fight Out (FGHT) – Newest Move to Earn Project
- CertiK audited & CoinSniper KYC Verified
- Early Stage Presale Live Now
- Earn Free Crypto & Meet Fitness Goals
- LBank Labs Project
- Partnered with Transak, Block Media
- Staking Rewards & Bonuses
Join Our Telegram channel to stay up to date on breaking news coverage
Credit: Source link
