GRT Price Prediction: Can It Generate 3x Returns by 2024 End?

• Strong momentum has pushed the GRT price close to the 50-day EMA band.
• The on-chain data shows increased address activity and strong investor confidence.
• Derivatives market metrics indicate a shift towards market optimism.

Amid the growing uncertainty in the cryptocurrency market, Bitcoin (BTC) surged to $60,000 yesterday. As BTC stabilizes its gains this week, it has sparked optimism across the broader crypto market and among other altcoins.

Following this trend, The Graph (GRT) has seen a 13% increase in a short period this week, significantly boosting investor portfolios.

When writing, the GRT price has tested a crucial support zone at $0.1300, recording gains this week. The strong momentum has brought its price close to the 50-day EMA band and has effortlessly moved through the 20-day EMA band.

GRT crypto has garnered even more attention with a significant intraday surge of 4%. That increased the possibility of a bullish pattern’s breakout.

Continue reading for more insights on whether The Graph price will break out or remain under bearish dominance.

A Look at GRT Crypto’s On-chain & Fundamentals Data

As of September 7th, the total number of addresses holding the GRT price peaked at 159.26K. Despite a brief dip to 158.82K due to some holders swapping their assets for other altcoins or stablecoins, it did affect the price.

The number of addresses quickly rebounded, reaching the previous high of 159K.

This week’s growth in addresses has positively influenced the GRT Crypto price and market sentiment. Transaction numbers have surged from a low of 624 to a peak of 949.

Large GRT holders dominate the floating supply. Investors and whales control 83% of the supply, while retailers hold the remaining 17%.

On average, holders have kept GRT in their wallets for 1.5 years, indicating strong investor confidence.

Recent financial data shows improved positions for GRT investors. Currently, 55.13K addresses (34.15%) are in profit, 97.62K addresses (60.47%) are at a loss, and 8.67K addresses (5.37%) are at break-even.

The project’s GitHub account, which has been active for over six years, has garnered 3,600 stars from the developer community. Its Telegram account is highly active, with 21.587K total users and 1,225 active users at the time of writing.

The official channel averages 23 daily messages. Additionally, The Graph project’s X account has 333.307K followers and 7.8K posts. It has maintained this account for 6 years and 5 months.

The overall on-chain data signifies that the GRT crypto has solid fundamental grounds. Therefore, its price has a higher chance of surging in the future.

Is Bearishness Waning In GRT Crypto’s Derivatives

According to CoinGlass, bearish sentiment for GRT appears to be waning in September 2024. The OI-weighted funding rates have shown a reduced red graph to a negative 0.0066%. It indicates a shift towards market optimism as traders anticipate a potential rise in GRT’s price.

The open interest of the GRT crypto has climbed to $22.07 million, while derivatives volume has surged, reaching a total traded value of $34.87 million. This uptick reflects the growing demand for GRT in the derivatives market.

Additionally, $53.42K worth of short positions were opened, and $4.85K in long positions were liquidated intraday. This scenario suggests a positive outlook for GRT in the market.

These metrics highlight increased trading activity and demand for GRT in the derivatives market. It essentially suggests that the bearish trend might reverse if demand continues to grow.

Can GRT Price Delight Investors with 3x Returns by 2024-end?

Optimism around the GRT price was high at press time. Strong fundamentals, on-chain metrics, and derivatives data supported it. The data suggested the beginning of a sustained upward trend, leading to a potential price increase.

Recently, The Graph price has surged from the $0.1300 demand zone, which has historically yielded significant returns. From the last quarter of 2023 to the end of the first quarter of 2024, the price saw a remarkable 330% increase.

However, the bullish momentum waned in the second quarter, and the GRT price declined. This decline formed a tight, narrow wedge. Moreover, this week’s momentum has increased the chances of a breakout by surpassing the upper boundary and the 20-day EMA on an intraday basis.

As per the GRT price prediction, the current momentum could push the price beyond the 50-day and 200-day EMA bands. Sustaining above the 200-day EMA and the $0.2300 level would signify a change in market sentiment, boosting confidence.

Key resistance levels at press time were at $0.2300 and $0.3500, while support levels were at $0.1130 and $0.0750.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.