- The Graph Token is currently maintaining its bearish streak while trading under the influence of the 20 EMA
- The current price of the GRT Token is $0.55 established on the back of a 7.40% decline in the past 24 hours
- The Graph Ecosystem has partnered with Optimism to contribute to scaling Ethereum
The GRT token is not just another ERC-20 Token as it powers the Graph, a decentralized protocol for indexing and querying data from Blockchains. The same way Google indexes the web, Graph indexes Blockchain data from networks like Ethereum and Filecoin. Undoubtedly, Defi technology is being exposed to a lot of attention by Institutional Buyers. With the ongoing Defi Boom, GRAPH intends to serve as a medium of exchange and a reward to those who are willing to participate in the overall ecosystem.
The partnership between the Graph and Optimistic will lead to Optimistic Ethereum L2 getting benefited by indexing and querying services, which in turn will contribute to scaling Ethereum. This partnership brings forth another milestone for the Graph Community as the network continues to integrate with other ecosystems.
Only recently, the Graph Protocol was successful in providing accurate data analytics for dApps. This was another significant milestone established by the community after getting Pancakeswap to index. The recent catalysts were enough to bring this token to the eyes of mainstream media. The fact that Graph has a very bright future ahead of itself as many have labelled it as ‘the Google of Blockchains’ makes the token an excellent choice to buy during the current market dip.
Technical Analysis of the Graph (GRT) :
The daily technical chart of GRT highlights the fact that the token projected exhaustion from the moment it hit its ATH of $2.88 on Feb 12th as evidenced by the higher lows on the chart. May’s flash crash contributed to the price action trading inside a falling wedge pattern.
Presently trading at $0.55, the token is hovering above a critical support level which is bolstered by its January highs. With the price action arriving at the peak of this bullish reversal pattern, the chart indicates ‘make or break’ possibilities.
Simultaneously the 20 EMA is serving as a critical resistance barrier by invalidating the efforts of the bulls to plunge the price back up. A rejection from the 20 EMA will be accompanied by the loss of the $0.56 support level and a re-inspection of the demand pit. Meanwhile, The daily Stochastic RSI has completed its cycle and could transpire a bearish crossover any day from now.
On the flip side, the violation of the 20 EMA will stimulate the price action of GRT to get above the supply zone and breach the resistance levels of $0.65 and $0.76 respectively. For a bullish outlook to hold accountability, the Bitcoin Dominance needs to take a hit, which will contribute to altcoins thriving higher. Nonetheless, the GRT is barely surviving above the support of $0.56, which provides confidence to the bulls.
As per the Coinmarketcap website, the GRT Token is ranked at the 53rd position while it embraces its impressive Market Dominance of 0.11%.
SUPPORT : $0.44, $0.56
RESISTANCE : $0.65, $0.76