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- The Graph market cap has exploded beyond $1 Billion in the past few weeks
- Technical indicators of GRT are suggesting a consolidation. It has seen a drop of 4.2% in the intraday session.
The Graph is a decentralized protocol that facilitates the indexing and querying of data from various blockchains. The protocol is designed to make it easier for developers to build decentralized applications (dApps) that require access to data from multiple blockchains.Graph Coin is the native cryptocurrency of The Graph protocol. It is used to incentivize participants in the network to perform tasks such as indexing and querying data. Users can earn Graph Coins by staking their tokens and performing these tasks, which helps to ensure the reliability and accuracy of the data on the network.
One of the key benefits of The Graph protocol is that it allows developers to easily access data from various blockchains without having to run their own nodes.. The protocol is also designed to be scalable, which means it can handle large volumes of data from multiple blockchains.
GRAPH has a market cap of $1.4 Billion and ranked 40th in the cryptoverse.Volume of the GRT has seen a gain of 42% in the intraday session.Volume to the market cap ratio of GRT suggests a consolidated trend in price.
Are Bulls Of GRT Giving Up?
The weekly technical chart of The Graph suggests a weak upside momentum in price.On the daily chart it is trading near the value of $0.16 with a loss of 3% in the intraday session.It is forming bearish candles which can push the asset price to a new low.Resistance of GRT can be seen near $0.2.Meanwhile a bounceback in the asset price can be seen near $0.1.It is currently trading above the 50 and 100 Daily Moving Average.There can be a positive crossover which can push the asset price to a new high.
RSI of The Graph Coin can be seen near 55 suggesting its presence in the neutral zone.There is a downside slope which can push the asset price to a new low.
Conclusion
GRT has seen a strong surge in the market cap in the past few weeks. Various analysts are expecting a strong growth in the future.
Technical Indicators
Major Support:$0.1
Major Resistance:$0.2
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
