The open and decentralized nature of blockchain technology is crucial, and for it to gain widespread adoption, as many enthusiasts envision, it must be easily accessible, functional, and user-friendly.
One platform striving to simplify this process is The Graph. Its creators, Yaniv Tal, Jannis Pohlmann, and Brandon Ramirez, aim to enable users to generate personalized data graphs by utilizing data from the blockchain.
Graph employs an API (Application Programming Interface) to index and categorizes data into sub-graphs to accomplish this. These sub-graphs can then be combined to create a larger graph, making the network a valuable resource for data collection.
So, what's new with the platform?
Based on the current Graph price forecast, the value of GRT may experience a bullish trend if the coin can remain above the $0.12 resistance level.
GRT/USD -Daily Chart
The GRT/USD pair is undergoing a minor retracement above $0.11 and has seen a little over a 3% increase in price. If the coin surpasses the channel's upper boundary, this upward trend may continue, leading to a bullish movement in the Graph price. In the meantime, traders can anticipate further price increases if the bulls maintain their momentum.
The Graph (GRT) price so far
When it was initially introduced to the open market in late December 2020, GRT was valued at roughly $0.12. The cryptocurrency market subsequently experienced a prolonged period of bullishness, and the token performed admirably, reaching its highest point of a little over $2 on February 21, 2021.
Despite its subsequent decline from its all-time high, GRT's performance remained somewhat commendable until late May, when it fell below the one-dollar mark and remained there except for two brief recoveries in August and November. Eventually, it finished the year at a price of around $0.6.
Although they experienced a partial resurgence to around $0.15 in August, GRT's value gradually decreased over the following months. Following the FTX (FTT) exchange's bankruptcy, which caused a market crash, GRT reached a low below the $1 mark in early November, with a subsequent additional dip to around $0.05 by late November 22.
However, in January 2023, investors in GRT received positive news. Due to The Graph's association with tokens related to artificial intelligence and a robust market, the cryptocurrency finished the month at around $0.08, representing a 60% rise from the previous month.
As of February 2023, the total supply of this crypto was at 10 billion, with over 8 billion GRT in circulation. This resulted in a market capitalization of approximately $1.5 billion, placing it as the 40th largest cryptocurrency by that measure.
The Graph Price Prediction - GRT/USD May Spike Higher
The Graph price is on its way above the 9 and 21-day moving averages at around $0.11. If the price continues to create a bullish movement, traders can expect a bullish continuation toward the upside. Meanwhile, as the technical indicator, Relative Strength Index (14), moves within the overbought region, the possible resistance levels could be between $0.15, $0.17, and $0.19 in the long term.
If the coin maintains its current upward trend over the next few days, traders could see it reach even higher levels. In the short term, the Graph price attempts to establish a bullish trend. However, if the price drops below the moving averages, it could fall back to its long-term support levels of $0.05, $0.07, and $0.09, indicating a bearish movement.
Assuming that buyers can maintain the Graph price above the 9 and 21-day moving averages, it is probable that the price will rise above the channel's upper boundary when measured against Bitcoin.
However, this will require an increase in trading volume and resistance to trigger a market upswing. Currently, the Graph (GRT) is being traded at around 510 SAT. On the other hand, traders can expect intense support levels at 400 SAT and below.
GRTBTC – Daily Chart
If the price moves above the channel's upper boundary due to a bullish move, channel traders can confirm a bull run for the coin. Additionally, the technical indicator Relative Strength Index (14) moving above the 70-level indicates bullish movement and suggests that the closest resistance could be at 600 SAT or higher.
With the increasing popularity of DeFi (decentralized finance), The Graph protocol is also gaining significance in the broader cryptocurrency ecosystem. The Graph possesses both technical and market value, as GRT tokens are traded in the cryptocurrency market.
The value of The Graph is based on its ability to provide users and the wider economy with accessible curation, indexing, and organization of data collected from other networks. This feature is intrinsic to the project and is what sets it apart. Although the crypto market is quite volatile and nothing can be entirely sure, this does allow The Graph to gain the upper hand over other crypto platforms.
The Graph Alternatives
The Graph is experiencing a gradual upward trend and is presently being traded at around $0.11, representing an increase of approximately 3.27% over the past six days. The coin is currently positioned above its support level of $0.10, and this support consolidation will enable it to achieve a price point of about $0.15 or greater.
On a similar note, the presale of Meta Masters Guild is still seeing brisk sales, having raised $2.7m to support the token's future development. However, if the current pace of MEMAG sales continues, the presale will sell out before its scheduled end date. Therefore, investors are advised to act swiftly to take advantage of this opportunity.
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