The roadmap of expansion in the data space available for the Ethereum network had a positive impact on the GRT token. There should still be resistance at USD 1.07, which its price must break to allow buyers to boost the price higher.
The value of The Graph (GRT) cryptocurrency has shown an excellent technical scenario due to a solid and attractive fundamental base. The following analysis of that crypto asset will allow understanding it better and predicting where its price is heading next.
GRT is trading at around USD 0.98 and has accumulated a 4.6% profit in the last 24 hours. Its daily trading volume is above USD 256 million, and its market capitalization is about USD 4.8 billion, according to CoinGecko.
The Interest from Vitalik in GRT Could Drive Its Price Higher
The roadmap of expansion in the data space available for the Ethereum network promotes optimism in the market of The Graph.
Vitalik noted that protocols like The Graph create markets incentivized by customers who pay servers to get historical data. For that reason, there emerges a healthy environment where individuals and institutions see the appeal of storing data and providing it when requested.
That impacted the GRT token positively and caused a drastic increase in its open interest among leading cryptocurrency exchanges. It went from USD 5 million to more than USD 30 million in a few hours.
The Technical Analysis of the Price of GRT Shows an Excellent Scenario
The weekly GRT/USDT chart reveals that the price remains locked in a large bullish pennant. It is amid a necessary pullback following a strong rally at the beginning of the year.
Although the price fell, it began to reach increasingly high lows, which showed weakness from sellers. Besides, a new rally could be about to start.
The price of The Graph broke the pennant at the top, but not with much determination. There should still be resistance at USD 1.07, which it must break to allow buyers to drive the price much higher.
If the support in the price of GRT remains at USD 0.67, the bullish scenario will have a better chance in its favor.
These Are the Key Levels to Watch in the Short Term
The daily candlestick chart indicates that the price of the GRT cryptocurrency recently rose strongly, following the announcement of Vitalik.
However, resistance at USD 1.07 hampered the price and already wrapped up much of those gains.
Despite that, the bullish scenario is intact and new momentum is likely to emerge soon. The most relevant event now is that the price breaks through the abovementioned resistance.
If the support at USD 0.92 remains, the momentum will start soon. Otherwise, there could be sales at a minimum of USD 0.83.
The possibility is still open for the price to consolidate for some more time. Therefore, the bulls should not worry as long as the support at USD 0.74 remains.
By Alexander Salazar
