2023-2-17 11:00 |
GRT, the native token of The Graph, was able to record a 108% growth in the past month, allowing the AI-based cryptocurrency to recoup its losses from the previous week and reach $0.1700 per token.
In the last seven days, the price of the token has increased over 15%. According to CoinMarketCap, The Graph is among the leaders in the AI and Big Data industry, with a market valuation of $1,516,907,666.
Here’s a quick peek into the token’s performance this week:
GRT maintains bullish poise The Graph leads the AI and Big Data space GRT price down by 7.39% in the last 24 hoursAfter a successful rally in January, GRT was able to post another 78% gain on February 7, jumping from $0.1292 up to above $0.213 However, the price had to correct itself later, and the price successfully recovered.
Since the time of this writing, GRT has made a comeback, having cleared some significant hurdles. Meanwhile, the bulls still needed to overcome some obstacles before they were able to gain more leverage.
According to CoinMarketCap, GRT price is down by 7.39% or trading at 0.1689 as of this writing.
Bears To Take Over If GRT Fails To Overcome $0.1800It appeared that GRT had retested the support zone at $0.1400 twice during the past two weeks. Now, these retests have provided buyers with that competitive advantage and also an opportunity to acquire.
Although the first test ended with a stifled recovery, the most recent one proved that it has punched through the $0.1616 resistance. On the other hand, if GRT cannot overcome $0.1800, bears could gain more influence on the market.
The GRT price action over the past few days can be explained by the rally of some major cryptocurrencies associated with AI which accounts for the rise in the price of GRT.
Despite the fact that The Graph Protocol has recently completed the first phase of integration into the Ethereum Layer-2 network Arbitrum (ARBI), the second reason is more specific and clearer.
Since the Graph was deployed on Ethereum’s probably most popular L2, it was able to enhance its operations while increasing the speed and affordability of participation for its users.
Investor Confidence Up For GRTMeanwhile, as a result of higher-than-expected inflation in January, stocks and the U.S. equity market remained stable. As a result, Bitcoin began to recover and stabilize as well, and so did the weighted sentiment for GRT. The investor confidence in GRT’s assets also increased as a result of this.
Consequently, the bulls may be encouraged to push through to achieve the hurdle of $0.1805. However, the falling funding rate could impede the bulls’ efforts as the demand for derivatives in the derivatives market weakens.
The Open Interest (OI) rate of GRT has surged significantly as of press time. If the OI rate continues to rise and weighted sentiment improves, there could mean a strong breakout above $0.1800.
-Featured image from Coin Republic
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