The recent surge in crypto-based companies is a sign that the future of blockchain technology is bright, where the Web 3 interface would act as a next-generation communication system.
The startup company, The Graph, appeared in the spring of 2018 as a protocol to index blockchain query data through open-source APIs, known as the “Google of the blockchain world.” Since the launch, the native token of The Grap (GRT) failed to show a price growth, but the successful funding from Tiger Management Global pushed to raise $50m in fresh capital to run the business in early 2022.
Later on, some developments appeared in the Web3 protocol, including the announcement of the project completing the migration of subgraphs on 8 March 2022. The subgraph defines the date index from Ethereum and stores it. The implementation of subgraphs worked as a bullish factor for GRT, but the broader crypto crash led by central banks’ rate hike party changed the sentiment.
What is the latest GRT Price Prediction? Let’s see The Graph (GRT) Price Prediction from The Graph Forecast today:
GRTUSD: A Rebound Or Not?
The strong selling pressure is visible in the GRTUSD daily chart, where the price eliminated all losses from the early December 2020 gain. On the other hand, the cheaper price would attract bulls, but close attention to the price action and trading volume is needed to find larger players' involvement in the market.
The above technical analysis shows the GRTUSD daily chart, where the price sharply fell in May. However, after breaking below the 0.1741 level, the price became extremely corrective, signifying that bears are not interested in participating in the market. Although the dynamic 20 daily moving average is above the price, no violation has been seen since 1 May. Moreover, the corrective price is emerging to the trend line resistance, where the breakout and a bullish daily candle close above the trend line would indicate a trend reversal.
In the Graph Price Prediction, the broader market context is not a buy yet as the current price is trading within a bearish trend and dynamic EMA. Therefore, a bullish daily candle above the 0.1741 level would be the conservative approach to consider this market as a buy towards the 0.3465 level. On the other hand, the break below the 0.0884 level would be an alarming sign for this instrument that may extend the loss towards the 0.0500 level.
GRTUSD Ichimoku Cloud Analysis
According to the Ichimoku Cloud GRT Coin Price Prediction, GRTUSD market sentiment passed a strong bearish pressure below the Kumo Cloud, but the recent bullish recovery above the 0.1038 support level provided a relief. In the future cloud, the Senkou Span A moved above the Senkou Span B and aimed higher, indicating that the early stage of the trend turned bullish, although the price action above the cloud is not satisfactory.
This technical analysis shows how traders' dynamic index, a unique indicator to show the strength of buyers or sellers, has reached the top zone. It is a sign that bulls are in control in the H4 chart that may extend in the coming days. Moreover, the dynamic Kijun Sen and Tenkan Sen are below the current price and provide support.
According to the GRT forecast, the bullish sentiment might reach the 0.1578 level. However, the break below the 0.1038 level will appear with a channel breakout where the primary aim is to test the 0.0800 level.
GRTUSD Intraday Price Action Analysis
In The Graph price prediction, the price is increasing within the ascending channel, although the broader market direction is bearish. Moreover, the volume structure of this token is not supportive of bulls. According to the visible range trading volume indicator, the higher volume was seen at 0.1530, which is in the bears’ zone. Moreover, the intraday high volume levels are below the price but closer together, indicating less pressure on the buyers’ side.
This technical analysis shows how the dynamic 20 EMA and weekly VWAP supported the price where a minor bullish pressure is pending. Moreover, the MACD Histogram is bullish, where further upside pressure in the MACD Line would increase the bullish sentiment.
In that case, the primary aim of the bullish pressure is to test the 0.1415 level. However, any bearish rejection from 0.1400 to 0.1550 would provide a higher success rate as a high trading volume is present in this zone.
Is The Graph (GRT) A Buy?
According to Graph (GRT) Price Prediction, GRTUSD price has the possibility of correcting higher in the coming days, but it is not enough to say it is a trend reversal. The first sign of the long-term bullish pressure may come if a daily candle closes above the 0.1741 key resistance level.