Tech

The Graph Price Bulls Target 40% Increase To $0.16

02/06/2023
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The Graph (GRT), an AI/data-related crypto indexing protocol for querying networks such as Ethereum and IPFS, has recorded a massive rally since late last year, soaring 125.85% from the floor price at $0.054 on December 30 to an intraday high of $0.12. The rally qualifies it among the biggest gainers year-to-date, with bulls looking to record further gains.

While the token has impressed investors with its rally since the year started, the real action started on January 31 when bulls took the GRT market by storm and recorded six straight green bars scaling the token 46% in less than a week. The Saturday trading session provided the best market day as the token recorded a trading volume of $67.093 million on the day.

The rally has formed around the news of The Graph Foundation’s Hacker Resource Pack.

GRT price was trading at $0.1186 at the time of writing, which was 16% higher than the previous day. Remarkably, the token had surged 381% in trading volume to $211.12 million over a 24-hour span and was recording a live market cap of $1.006 million, placing it at #52 on CoinMarketCap.

The Graph Foundation’s Hacker Resource Pack

The Graph Foundation has developed a new product for hackers taking part in The Graph Bounties and sprouts from the network’s aim to support the next generation of decentralized application (dapp) developers in their efforts to leverage the power of blockchain data and deliver a superior experience for their users.

In an official announcement about the Hacker Resource Pack, The Graph disclosed its ‘Education Mission.’ The network explained why developers building a dApp to contribute to the foundation of the decentralized future are better off using The Graph to build subgraphs to power their dApps with blockchain data.

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First, Subgraphs deliver the world’s data to the developer by working as an API layer sitting between the developer’s user interface (UI) and data layer. Secondly, a developer can execute complex queries on blockchain data, such as joins, filtering, sorting, and pagination, before querying it from the front end.

Other reasons cited in the announcement include “Proprietary indexing servers are cost and resource-heavy, not to mention error-prone and centralized.” On the contrary, The Graph decentralized network is an open and transparent network of participants who make data accessible to developers.

Finally, dApps require indexed application data for robust UI/UX, while Subgraphs are the existent ideal standard for providing blockchain data to your dApps in a decentralized and efficient manner.

With such value-adding offerings, even Bond Protocol, a developer of a decentralized platform intended to provide bonds as a service, has decided to migrate to The Graph protocol’s decentralized network.

Will GRT Bulls Hit The 40% Target?

The Graph price was trading with a bullish bias after recording six straight green candlesticks. With bulls leading the market, the GRT price at $0.1186 was sitting on the $0.1 support level as bulls targeted more gains.

With this trajectory, the bulls’ were targeting the 107% Fibonacci retracement at $0.1371. To get here, however, they had to overcome the immediate resistance at $0.13. A daily candlestick close above this level would clear the path for further gains. The last time GRT price attempted to break past this roadblock was on September 12, but the breakout was premature, and the price was rejected and conformed to a dip that was later worsened by the FTX collapse.

In highly ambitious cases, bulls could organize a massive buying momentum that would see GRT price rise to tag the 138% Fibonacci retracement at $0.1612. Reaching this target would mean a 40.23% increase from the current levels and would be a significant move, last witnessed on June 6. 

GRT/USD Daily Chart

The Graph Price Chart - Feb 5
TradingView Chart: GRT/USD

The technicals were favoring the bulls, starting with the 50-day Simple Moving Average (SMA) and the Relative Strength Index (RSI), which were facing upward to show that more buyers were still coming into the GRT market. The Moving Average Convergence Divergence (MACD) indicator was also moving upwards in the positive zone above zero, showing that the path with the least resistance was northward.

The position of the 200-day, 100-day, and 50-day SMAs at $0.0885, $0.0747, and $0.0713 also support GRT price, providing breathing bases if bulls ever needed to regroup.

Nevertheless, the RSI at 78 meant that the GRT token was already overbought, and the market could soon correct downward. If this happened, the first likely base for GRT price was the 78.6% Fibonacci retracement at $0.1149, which was flipped from resistance to support in today’s trading session.

An increase in selling pressure from that level could see the price drop to retag the 50% Fibonacci retracement at $0.0926, or worse, the 23.6% Fibonacci retracement at $0.0720. In extreme cases of intense selling pressure, the GRT price could revisit the $0.0536 swing low.

GRT Alternatives

Instead of limiting your portfolio to risk-prone assets like The Graph, consider alternatives like Meta Masters Guild’s native token MEMAG, which is in the presale stage and has already raised over $2.963 million. Note that analysts are saying this will be the largest mobile gaming guild in Web3, delivering fun and addictive games with playable NFTs, where community members can earn rewards, stake, and trade.

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Source: https://insidebitcoins.com/news/the-graph-price-bulls-target-40-increase-to-0-16-buy-grt-now