The GRT crypto has not performed well in the last month, decreasing by 21.83% and by 46.26% in the last six months. The Graph (BITFINEX: GRT) crypto has a positive year-to-date return of 64.62% and a negative one-year return of 20.54%.
The Graph crypto inclined by 2.35% in market value and plummeted by 40.56% in trading volume in the last 24 hours, as per the Coinmarketcap, a crypto data analysis website. Its market value is $843,428,728 and its trading volume is $37,228,105. There are 9,155,685,539 GRT in circulation.
According to the news published by The Graph itself on the Coinmarketcap website which is a crypto data analysis website. Over The Graph, the open APIs known as subgraphs are present that serve and organize data of blockchain to applications. Using subgraphs which are open APIs on The Graph, data consumers and developers will benefit from speedy access to much organized available data.
The Graph crypto’s (GRT) open interest is $19.17 Million. As per Coinglass, another crypto analysis website, it rose by 3.08% in the previous session. The long versus short ratio for 24 hours is 0.9066. The short liquidation is $51.09K versus $2.54 Million for the long liquidation.
The Graph Price Technical Analysis in the 1-Day Timeframe
GRT crypto price in the last three months showed both movements, upward from support of $0.07075216 to a high at around $0.13818840 and downward by falling from a high during this span by making continuous lower lows and highs.
At the time of publication, the GRT crypto’s current price is around $0.09169400 trading at the demand zone where liquidity is present in The Graph crypto, buyers most probably have pending buy or sell orders in The Graph crypto waiting to be triggered and the same can be spotted over daily time frame chart on The Graph as well, either The Graph price consumes liquidity and crashes or takes support and rises.
Therefore, If The Graph fails to maintain the current level. The GRT crypto price could continue to drag downwards and hit the nearest support levels around $0.08011576 and $0.07075216.
However, if the crypto price sustains the current level and The Graph price increases, then it might reach the nearest resistance levels of $0.09278614 and $0.10551034.
At the time of publishing, the GRT crypto price (BITFINEX: GRT) is trading beneath the 20, and 50-day exponential moving averages (EMA), which is declining the GRT crypto price trend down.
Hence, GRT crypto price prediction estimates the prices to decline downwards, indicating a bearish overview over the daily time frame chart for its price.
The MACD line at 0.00481202 and the signal line at 0.00324320 is below the zero line both lines crossed down to each other and a bearish crossover is spotted in the MACD oscillator, indicating bearish signals. The current value of the RSI is 30.82 points and the 14-day SMA is below the median line at 38.45 points, which indicates bearish sentiments as RSI took rejection on the 14 SMA line and headed for the oversold territory in the market for the GRT crypto and highlighting bearishness in GRT price.
Conclusion
GRT crypto price prediction highlights the bearish sentiments and perspectives regarding GRT crypto in the daily time frame. The Graph price action highlights a bearish view at the time of publishing. Moreover, the technical parameters of the Graph price suggest the continuation of the downtrend over the daily time frame chart. Major reliable and trustworthy indicators MACD, RSI, and EMA, suggest bearish signals regarding the GRT crypto price.
Technical Levels:
- Support levels: The nearest support levels are $0.08011576 and $0.07075216.
- Resistance levels: The nearest resistance levels are $0.09278614 and $0.10551034.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/19/the-graph-price-prediction-2023-is-grt-about-to-spike-upward/