As The Graph Price Explodes, These 3 Altcoins Might 10X in 2023
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The ‘Google of Blockchain’ – The Graph (GRT) has kicked off 2023 with a sensational rally.
After a slow bleed out from the 2021 Bull Run – this top 100 coin is on the comeback. Cascading price action throughout 2022’s GRT death slide finally bottomed out at $0.05 on Dec 30.
Macro sentiment spurred initial price action for GRT. Markets were invigorated by a surprise dovish tone from the Fed, and as the S&P500 began to rise, so did crypto.
January’s uptick was unremarkable compared to GRT’s past performance on the markets. Yet, as Bollinger bands widened throughout the month – many price levels began to give way.
By the end of January, GRT had posted a 67% gain. And more importantly, had established an area of local support at $0.08 – $0.09.
The first weekend of February saw GRT skyrocket with a bang. Big green candles rocked up on the chart on February 4 as market Alt Season started to take hold.
A whopping weekend – which tore through tough resistance levels to leave GRT sat high at $0.20 – produced a 108% leg-up. Recapturing territory last seen in May 2022 – 10 months ago.
Today sat at $0.18 price action is now both bullish and perilous. A local retrace seems to be underway after this explosive price exploration.
How high could The Graph (GRT) go?
Consolidation is the key. If the price stabilizes above $0.17, it would set the stage for a run-up to test the next price level at $0.30.
But, if price moves for a full retracement to support – this would likely land GRT back at $0.08-$0.09.
Looking to the indicators. The RSI 14 overheated to a high degree on this latest pump – topping out at a seismic 91. Consolidation is already in effect as the RSI is cooling off quickly, already down to a comfortable 69.
This still signals bearish divergence. But the cooling off is reassuring for bulls – much-needed buy pressure remains.
The MACD has absolutely hammered up to a high 0.0043 – a strong signal of bullish divergence conflicting the RSI. This suggests GRT is very much in consolidation not retracement. This indicates another move up could come.
So with GRT in suspected consolidation, is it an attractive entry?
A move upwards to $0.30 is on the table – from current price levels that would produce a +64% gain. If a retracement back to local support at $0.09 occurs that gives a downside risk of -50%.
But why is The Graph (GRT) rallying up?
There is strong market recognition of the importance of The Graph. Posited as ‘the Google of Blockchain’. GRT enables developers to deploy ‘subgraphs’, which find and retrieve information from blockchains. Like LINK as a big data project, but with more of a search function as opposed to data feeds.
Amid a flurry of interest in blockchain projects that focus on AI and Big Data – GRT has blossomed. In fact, The Graph is the most searched-for AI/Big Data project this year.