The Graph Price Up By 6.57% – Time To Buy GRT Coin?

The Graph has been on an uptrend in the last few hours and is looking to break through current resistance. This impressive form has induced investors to buy GRT.

The foremost cryptocurrency, Bitcoin (BTC), has remained anchored on the $50,000 barrier for a second successive week. The effect has trickled down to other digital currencies, with the majority trading in the red zones. However, the Graph has been swimming against the tide of the market, making its way up north.

The Graph Market Position

The Graph, which happens to be an indexing protocol used for querying data for networks like Ethereum and IPFS, powers many applications in both decentralised finance (DeFi) and the Web3 ecosystem.

The Graph protocol also enables decentralised applications (dApps) to function effectively and efficiently. Anyone can build and publish open APIs, called subgraphs, making data easily accessible.

At press time, the Graph is trading at $0.7594, up 6.57% in the last 24 hours. However, the token that currently offers support for indexing data on Ethereum, IPFS and POA is down 16.21% in the last 7 days and 37.38% in the last month.

On the other hand, the indexing protocol token has risen by 115.75% year-to-date. In the one year, GRT has also witnessed a price gain of 515.97%.

The digital asset, which enjoys a market dominance of 0.15% of the $2.37 trillion crypto market, has a market cap of over $3.56 billion, up 6.57% in the last 24 hours.

The Graph has seen over $215.65 million tokens change hands in the last 24 hours, indicating a 62.83% increase in trade volume.

The digital asset attained an impressive all-time high (ATH) of $2.84 back in mid-February, and investors believe that the Graph is likely to surpass this peg price with this current rally. This moment presents investors with a good opportunity to buy GRT and rise with the market.

The Graph Technical and Fundamental Analysis

The Graph is currently trading below the 20-day moving average (MA) support price of $0.8629, indicating a bearish run. The current price of GRT is also below the 200-day MA support price of $0.7879, pointing to a bearish run in the long term.

However, there are projections that GRT will likely turn the corner and enter a bullish run of form soon.

The relative strength index (RSI) of 40.92 shows that the Graph is trading in the under-bought region, signalling a good time for investors to buy GRT before the market gets saturated.

The moving asset convergence divergence (MACD) has the orange trendline indicator soaring above the green trendline, signalling a sell order. However, smart investors understand that this is the time to buy GRT.

On fundamentals, The Graph has been supporting many projects in recent times. Projects like Uniswap, Decentraland (MANA), Aragon, and Synthetix are currently supported by the Graph protocol.

The protocol on December 7, announced the completion of the integration with Aurora, a layer 2 dapp platform building on the NEAR protocol. The network disclosed that the integration enables developers to use The Graph’s hosted service to deploy subgraphs on the Aurora network.

Back in October, The Graph protocol distributed over $1.5M in Wave 3 to grantees to mobilise the continued building of The Graph protocol, support dapps being built on The Graph, and grow the community.

This is coming after The Graph Foundation allocated about $7.5 million to fund Wave 1 and 2 grantees and contributors to the ecosystem. The grants were also provided to StreamingFast and Figment for core development on the protocol.

As the actualisation of Ethereum 2.0 draws near after years of research and development, EIP-4444-bound historical data in execution clients will be included in Eth 2.0.

However, this proposal would remove some functionality, which is a major concern for Ethereum clients. But, The Graph will step up to fill the void left by EIP-4444 for dapps by indexing historical data from genesis and serving queries for that data.

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