The Graph Price Prediction – Can GRT Double Your Money In The New Week?
The Graph is among the top-performing cryptocurrencies today, rallying 18% in 24 hours. The graph shot up from $0.1879 to $0.21 in this period.
The Graph is one of the most fundamentally strong cryptocurrencies today. The whole idea behind it is to help users query the Ethereum blockchain. This makes it possible for DeFi and other applications to run on the Ethereum blockchain efficiently. To help Dapps developers create even more efficient use of the Ethereum network, The Graph allows users to develop APIs known as subgraphs. These APIs can then be used to access data on the blockchain.
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Updates And Major Announcements
The latest price jump by The Graph has much to do with the updates that the dev team announced yesterday. The Graph released a critical update that is likely to make the Decentralized landscape even better for Web 3.0 builders in 2024.
In the Q4 2023, The Graph ecosystem shipped several critical updates shaping the future of decentralized data, evolving the protocol to serve more data needs and web3 builders in 2024 🚢
Here are some key takeaways from the Q4 2023 Participant Update ⬇️
📊 The Graph Network… pic.twitter.com/jQ7vJaDAOn
— The Graph (@graphprotocol) February 16, 2024
Through an announcement on X, The Graph team also noted that developers can now create subgraphs. This allows developers to create faster and better-performing front-end Dapps. Essentially, it’s an update that will play a role in the accelerated adoption of The Graph, and that means potentially higher value growth in the long term
The Graph is also boosted by the proposed Graph Horizon. This is meant to change The Graph into a more permissionless protocol, perfect for building a Web 3.0 ecosystem. These developments have come at a time when all investors’ eyes are on the cryptocurrency market, which has triggered a lot of investor interest in The Graph in anticipation of an even bigger price move.
To buy The Graph, one can do so on all the major exchanges. The Graph is accessible through top exchanges such as Binance, Kucoin, Gate.io, and even Coinbase. This means now that GRT is gaining upside momentum, an upsurge in liquidity could see it make new highs in the coming days.
In the section below, we look at The Graph’s possible price direction now that it is squarely at the center of investor interest.
The Graph Crypto Price Prediction
When going to press, The Graph was trading at $0.2146 with a market capitalization of $2.02 billion. Trading volumes were also on the rise and stood at $274.459 million, up by 112% in just 24 hours.
After a rally that started yesterday, The Graph has experienced a correction after hitting a high of $0.2282. This means there is some profit-taking by investors that had bought earlier. However, GRT has found strong support at $0.2104.
If the $0.2104 support holds and the upside momentum continues, the key level will be the $0.2282 resistance, now an intra-day high. If bulls can push GRT through the $0.2282 resistance, The Graph could easily test $0.30 in the day.
However, if volumes drop during the day, The Graph could range between the day’s high of $0.2282 and low of $0.2104. This could be followed by another leg up once bullish momentum returns to the market.
On the other hand, if a selloff ensues and bears push through the $0.2104, then $0.182, which is a crucial support level in the week, could be within reach.
Why Bulls Are Likely To Carry The Day
While a consolidation or a downside break in the price of GRT is possible, the most likely scenario is a continuation of the current rally.
That’s because the news touches on making The Graph more efficient, which means more adoption. As such, long-term investors will likely start taking positions in The Graph in anticipation of value appreciation over time as the Ethereum ecosystem grows.
In the short term, the news around The Graph has come when the crypto market is strongly bullish, and investors are looking for the hottest cryptocurrencies. Now that it is trending, The Graph could see a volume surge within the day or at the start of the week when markets open. It’s a trending cryptocurrency likely to rally 100% or more in the week.
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Kamal Masri
Kamal is an experienced financial analyst with a demonstrated history of working in the Financial Market. Skilled in Equities, Capital Markets, Portfolio Management, Risk management, and Corporate Finance. Kamal has worked at some of the leading online finance publications providing his expert knowledge on cryptocurrency. Kamal has written widely on digital assets across the stock and crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.
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