The Graph Price Up By 15% – Time To Buy GRT?
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The Graph’s unique use case in data accessing in decentralized finance (DeFi) should serve as a good reason to buy GRT.
Founded by Yaniv Tal, The Graph’s aim is to make it possible for developers to create applications that do not require centralized servers to run and make Web3 accessible to everyone. The Graph has seen remarkable adoption in the last year and reportedly posted over a billion queries in June 2020 following institutional interest in the DeFi space.
DeFi’s continued growth in 2021 has seen GRT surge in the last 24 hours. In this article, we will take a deep dive into the decentralized network and its price movements.
The Graph: Making Blockchain Data More Accessible
Per its website, The Graph is a decentralized open-source indexing protocol that allows for the query of data for blockchain networks. It primarily draws data for Ethereum and IPFS blockchain platforms.
The Graph makes it possible for developers to build easy-to-use, cost-efficient, and secure API programs. This way, anyone can build and publish open APIs, called subgraphs, that other applications can query using its GraphQL to retrieve blockchain data.
The Graph seeks to make it possible for anyone to build DeFi applications and access the Web3 ecosystem without necessarily relying on customer servers. The Graph has also added support for the POA network and is working on adding support for more blockchain networks in the future.
At the moment, over 3,000 subgraphs have been deployed by developers from the likes of Uniswap, Synthetix, Aragon, AAVE, Gnosis, Balancer, Livepeer, and so many others on The Graph to increase their data responsiveness.
The Graph has also seen remarkable adoption in the last six months and celebrated 20 billion queries in May 2021. This has come in response to the boom in DeFi adoption.
The sub-sector which has over $50 billion in TVL, has attracted corporate institutions and individuals. More next-level apps are built on DeFi covering areas spanning finance, governance, grants, and other fields and The Graph wants to make it possible for anyone to monitor transaction data through its Subgraph Manifest.
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GRT: Breaking The Ice Once Again
GRT is part of the top 50 in the global crypto charts, ranking 46th. With over $2 billion in market cap, The Graph protocol is a growing concern and this should be a reason you should buy GRT.
Having a current price action of $0.7589, GRT has grown by 15% on the daily charts. This rally has led many investors to buy GRT as the broader crypto market seeks to attract the bulls.
However just like other crypto protocols, GRT has seen its price action taken over by the bears during the recent crypto market crash.
Following the growing adoption of Bitcoin at the beginning of the year by EV company Tesla Inc, GRT surged to $2.7141 on Feb 12th.
However, it could not retain the high price and subsequently dipped to $2.075 two days later. Making a comeback on Feb 20, it rose to $2.40 before finally succumbing to market pressures on Feb 28th to $1.56. Its big break came in the April boom, trading at a high of $2.1101 and eventually capitulated to a mid-year low of $0.5 on July 1.
But, July has been a blessing in disguise and GRT is picking up steam once again. With the broader crypto market maturing by the day, this might be a great time to buy GRT.
GRT Technical And Fundamental Analysis
On the trading chart, GRT has crossed its 20-day moving average (MA) support at $0.59. Its relative strength index (RSI) currently stands at 58.73 and surging showing more investors want to buy GRT for a bargain.
Market analysts are also bullish on the index protocol. According to Wallet Investor, GRT may be trading at $1.847 at the end of the year.
The analyst’s five-year forecast is even more bullish with the price peg put at $7.016. Digitalcoin is a bit conservative in its forecast putting the digital token’s price appreciation at $1.12 for the year. It also pointed to a price appreciation of $1.34 for 2022 and $3.39 for the next seven years.
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