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- 1 Addresses holding between 10M to 100M GRT tokens have been selling their tokens.
- 2 GRT coin’s Market Value to Realized Value (MVRV) ratio currently sits at 69%.
- 3 The Graph’s price was increasing in a steep uptrend due to an announcement.
The Graph is outperforming other cryptocurrencies in the market, including those in its vicinity, as it continues to post positive price movements. While the reason behind this surge is unknown, investors are not bothered by it as they continue to make profits.
The Graph’s price was increasing in a steep uptrend due to an announcement that was happening at the start of this November. This announcement was expected to mark the beginning of a new era for the protocol, which is fueling the rally.
A Fictitious Announcement and the Rise of GRT
Large wallet holders, who were not aware of the contents of the announcement, were already selling their holdings. The addresses that hold between 10 million to 100 million GRT tokens have been selling their tokens over the past couple of weeks. They have dumped nearly 180 million GRT worth about $27 million within a day.
It is still unclear what the GRT coin’s announcement on November 7th was about. It promised a “big announcement” and a “new era” for The Graph. However, it is still unclear as they did not provide any specifics or any major news.
This group of investors has previously had a significant impact on the price of GRT. If the announcement turns out to be underwhelming, other investors may join in selling their GRT for profit and cause a further price drop.
It is highly likely, as the Market Value to Realized Value (MVRV) ratio currently sits at 69%. This ratio measures the average profit/loss of investors who purchased an asset in the past month. When this ratio reaches beyond 100%, GRT has undergone a major uptrend in the past, making this area a dangerous and overvalued zone.
Technical Analysis and Prediction of the GRT Coin Price
During February 2021, the GRT coin price experienced a significant increase and reached an all-time high of $2.8751. However, the sentiment has been negative since then and the prices have been declining due to the bearish trend. This ‘big announcement’ news on the other hand caused some price surges and an uptrend.
Current Price Action of GRT
At the press time, the uptrend is being hurdled by the bears sitting on the resistance levels. The immediate resistance level is $0.1752, while the 2nd is $0.2087. However, the bulls are also being supported by the demand zones, which are between $0.141 and $0.113. The RSI is in the oversold zone, which may trigger some sell-off while the 50-day and the 150-day EMAs have done a bullish crossover.
Conclusion
The Graph’s price was increasing in a steep uptrend due to an announcement that was happening at the start of this November. The GRT coin’s Market Value to Realized Value (MVRV) ratio currently sits at 69%. This ratio measures the average profit/loss of investors who purchased an asset in the past month. The current trend in the coin is upwards.
Technical Levels
- Support Levels: $0.141 and $0.113
- Resistance Levels: $0.1752. and $0.2087
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
