The Graph Price Up By 15.10% – Time to Buy GRT

• With a massive price bump in the past 24 hours, many investors will want to buy GRT to benefit from these gains.
• The Graph recently signed a massive sponsorship deal with soccer legend Ronaldinho.
• GRT’s technicals are murky, but investor sentiment is strong.

As the crypto market looks to come out of its recent bearish rut, several coins are performing and attracting massive interest. Investors are especially trooping to buy GRT as the asset’s price is up considerably- even on the 24-hour window.

While it might not be so popular, The Graph holds an interesting position in the blockchain and crypto market. The platform operates as open-source software that allows users to collect, process, and store data across different blockchain applications.

Its goal is to facilitate data management and retrieval, essentially making blockchains more reliable.

Launched initially on Ethereum, The Graph analyses and collates blockchain data before storing them in different indices, known as Subgraphs. Decentralised applications (dApps) can send queries to The Graph’s protocol, and they get responses almost instantly.

Queries are posted through GraphQL – a popular programming language created by Facebook to collect users’ news feed data.

Currently, The Graph indexes and transfers data across over 26 different blockchains. It likens itself to the “Google of Crypto,” harnessing data and offering it to whoever wants it.

GRT, The Graph’s native asset, is used to protect the protocol’s integrity and secure data. Users can buy GRT and stake it to perform their roles as delegators and indexers.

Essentially, these delegators and indexers provide services to the network, processing data and passing them to end-users and dApps. For their work, they get fees charged by the network.

Today, several top dApps, including Uniswap, Curve Finance, and Aave, use The Graph.

Fresh Capital Raise Pumps The Graph

The Graph has been quietly building an impressive ecosystem, partnering with different protocols to become more prominent and bolster blockchain functionality. To that end, the network got a big boost after it raised $50 million a few weeks ago.

The funding round led by Tiger Global Management, included names like Fenbushi Capital, FinTech Collective, and Blockwall Digital.

Capital raises are always a positive for a blockchain project. With a fresh infusion of funds, The Graph expects to expand its reach to cover more blockchains. Also, it hopes to partner with more dApps that’ll be looking to take advantage of its data vault.

As expected, investors will also be trooping to buy GRT to support the network even more.

Tapping Into the Soccer Hype

Another huge win for The Graph came this week when they inked an ambassadorial deal with Ronaldinho, the Brazilian soccer legend.

Real name Ronaldo de Assis Moreira, Ronaldinho is one of the most popular sports figures on the planet. His deal with New World – a subsidiary of The Graph, will see him assist with launching an upcoming nonfungible token (NFT) platform.

Leveraging on Ronaldinho’s name, we expect to see a splashy rollout soon.

GRT Technical Analysis: Still A Long Way To Go

Currently, GRT trades at $0.4685 – a jump of 15.10% in the past 24 hours. This compares much more favourably to the broader market, riding a 4.6% jump in the same period.

Looking at the technicals, GRT is a bit murky. The asset is trading above its short-term moving average (MA) indicators, primarily thanks to the recent price bump. However, GRT’s long-term MA indicators are much higher than its current price.

GRT’s 100-day simple moving average (SMA) is $0.6701. This should serve as a good resistance for the coin. It is worth noting. However, the 23.6% Fibonacci retracement level drawn from GRT’s last major high shows resistance at $0.6138. GRT will want to push for this high before testing further tops.

With a relative strength index (RSI) of 51.32, GRT isn’t overbought yet. Investors can still buy GRT in the interim and see how far they can push its price.

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