- GRT crypto price has been consistently declining for the last 2 years.
- The Graph crypto has advanced by 1.7% in the last 24 hours.
The Graph abbreviated as GRT is a decentralized protocol used for querying data from blockchains. It helps in accessing blockchain data and making it easier for developers to build dApps. It was created by a team which was led by Yaniv Tal and Jannis Pohlmann. The crypto was first launched in December 2020 and built on the Ethereum blockchain.
The price of the Graph has advanced by 1.65% in the last 24 hours resulting in a market cap of $751.94M. The current ranking of the GRT crypto in the crypto market is #44 as per the Coinmarketcap. The current circulating supply of the coin is 9.242B GRT resulting in a total supply of 10.76B GRT. It also has a maximum supply of infinite.
The volume/market cap of the ratio of Graph Crypto is 2.11% and has a market cap dominance of 0.069%. The crypto has witnessed a decline of 2.11% in its trading volume in the last 24 hours. Also, the volume ranking of the crypto is #117 in the crypto market.
The Graph Is Sustaining Above Its Previous Swing Low, Is It a Sign of Bullishness?
a by writer11_gsm on TradingView.com
GRT crypto has faced huge selling pressure since November 2021 and is still following the downtrend making lower low swings. The very recent behavior in the crypto has led to the formation of the falling wedge pattern. The crypto’s price is currently taking support at the lower swing. If the price breaks above the wedge pattern, we can witness further advance in price.
The crypto price is trading below the 50-day and the 200-day EMA. This again represents the sellers’ dominance in GRT crypto price and is giving a sell signal.
The Graph’s RSI is trading at a level of 41.79, below the 14-day SMA line. This represents how weak the crypto’s price is and if the RSI continues similar behavior then the coin’s price will continue to decline to a further lower level.
GRT Liquidation Analysis
The GRT crypto derivative volume has not shown any significant activity since February 2023. Also in the last 24 hours, the derivative volume has declined by -14.82%. This is followed by a long liquidation of just $221.20 against a short liquidation of $1.05K.
Conclusion
The Graph crypto has not seen any significant change in the volume which indicates that the traders are showing interest in the coin. Also, the higher short liquidation represents that the majority of the volume is of buyers. The tehcnicals for the crypto are bearish making lower swings followed by bearish RSI and EMA.
Therefore, the Graph crypto can advance to higher levels if it breaks above the falling wedge pattern and sustains above the level of $0.136. The price may continue to stay volatile to bearish.
Technical Levels
- Support levels- $0.0550 and $0.08100
- Resistance levels- $0.13600 and $0.17300
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.