- GRT crypto price surged 8.23% during the weekly trading session.
- The crypto encountered robust buying from the $0.0846 key demand zone on April 13, 2024.
- Technical indicators summary suggests a bullish signal in the current phase.
The Graph (GRT) is an indexing protocol that powers decentralized applications (DApps) in both decentralized finance (DeFi) and the Web3 ecosystem. The developers can build and publish open APIs, known as subgraphs, to retrieve blockchain data using GraphQL. The protocol has a global community, which includes more than 200 indexer nodes in the testnet and over 2,000 curators in the curator program.
The Graph May 2024, Supply Changes, Valuation & Distribution
GRT tokens have a maximum supply of 10.79 billion, of which 9,48 billion are currently circulating. Regarding current market capitalization, cryptocurrency outperforms Chainlink and Polygon during the weekly session. Graph Crypto current market capitalization stands at $2.65 billion.
The market capitalization increased by over 11% during the intraday session, ranking among the top 45 most dominant cryptocurrencies worldwide. The trading volume also rose 22.23% during the 24-hour session. The volume has reached $116.37 million, ranking 62nd out of 9,869 active cryptocurrencies.
The Graph tokens are widely distributed in various categories follows as:-
- 16.52% is allocated to the Early Backers.
- 17.32% is allocated to the Backers.
- 23.24% is allocated to the Early Team & Advisors.
- 8.25% is allocated to the Edge & Node.
- 20.00% is allocated to the Graph Foundation.
- 6.01% is allocated to the GRT Sale.
- 3.00% is allocated to the Testnet Indexer Rewards.
- 2.99% is allocated to the Curator Program Grants.
- 2.67% is allocated to the Educational Programs & Bug Bounties.
Technical Analysis of the Graph (GRT/USD)
The long-term outlook lies above the key exponential moving averages on the bullish side. GRT price has gotten strong support from the 200-day EMA in the recent sessions. If the price rebounds the 50-day EMA, bullish trend continuation can be expected.
GRT price has shown a strong bullish rejection from the $0.0846 key demand zone. The price reflected over 240% upsurge from that level. Currently, the crypto price is hovering above $0.2323, another key demand level. If the price breaks above the $0.3524 level, the price can attain the $0.4549 mark.
The relative strength index (RSI) shows strong bullish momentum in the current trading phase. The RSI and the SMA lines had a golden crossover, indicating a potential shift in strength. The RSI line is moving at 49.83 above the SMA line.
Summary
The Graph crypto is experiencing a bullish correction period after the $0.2323 major resistance level breakout. However, the crypto witnessed very strong buying on April 13, 2024, resulting in over 240% upsurge. The current price trades at $0.2801, exceeding the $0.2323 key demand zone. According to the price action, GRT crypto can attain the $0.4549 mark if the price breaks above the $0.3524 level.
Technical Levels
- Resistance Levels: $0.3524 and $0.4549
- Support Levels: $0.2088 and $0.1637
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.