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- GRT token is listed among the Top 10 web3 tokens.
- The AI based protocols are surging.
- Token prices went up by more than 8% over a week.
Web3 and crypto are not a very distinct concept. Web3 promotes monetization of the internet and crypto assists the notion by playing a role as a medium of exchange. The Graph protocol and its indigenous token, GRT, are among the top 10 preferred tokens that are associated with the evolving environment. For the similar reason, AI-based cryptocurrencies are on the rise, including GRT.
Moving further on the same path, the network took to Twitter to announce the migration infrastructure providers (MIPs) program. It also added support for the Optimism dApp to allow lightning-fast access to data served by subgraphs on the decentralized network.
Monoscopic View
The GRT token prices rallied but faced seller resistance at $0.09. The 20 and 100 EMA mark a bullish crossover (green circle), indicating an uptick in prices. The volume recorded bulk buying followed by heavy selling. A similar image is mirrored by OBV, which ticks down to following the price pattern.
The CMF floats in the positive zone to mark the up and side in the price rally. The MACD after records a crew of buyers, now nears the convergence to make space for the buyers. The RSI falls closer to the half line to mark the decline of the buyer regime.
Microscopic View
The 4 hour time frame suggests the rise to occur at a falling rate. The CMF falls closer to the baseline marking the lowering bull influence. The MACD diverges for the bearish wave, as it records a group of sellers participating in the market. The RSI falls to the foot ranges to display seller control on the token market. It cumulatively suggests that the rally was short lived and the main bull run is yet to arrive.
Conclusion
The Web3 based protocols are ready for the high run and await the turning point. The Graph’s token, GRT, is among the top 10 and may definitely see strong bulls ruling the market. The holders may watch for the resistance range of $0.09, to short the token.
Technical levels
Support levels: $0.06 and $0.05
Resistance levels: $0.09 and $0.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
