AI Token The Graph (GRT) Sees Correction, But How High Can The Price Go? - ADVFN

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Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,677,752,182	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.001012	-0.83%	0.1213	0.121255	0.1213

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.122312	0.120985	0.122312	0.122312	0.064588 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	15:57:46	590.24	0.1213	USD

Price x Volume	Volume	Base Symbol	Related Pairs
51,662.23	425,949.81	TRX	TRXEUR	TRXGBP	TRXBTC

AI Token The Graph (GRT) Sees Correction, But How High Can The Price Go?

08/02/2023 12:08pm

NEWSBTC

The price of The Graph’s native token, GRT, has gained a whopping 114% in the last seven days. However, within the last few hours, the price has experienced a major correction of about 23%. After trading for $0.2322 at one point, GRT is trading at $0.1871 as of press time. While the hype around AI tokens continues to dominate the cryptocurrency market, the correction could be due to a token unlock from The Graph. According to on-chain analytics service Lookonchain, The Graph Governor unlocked 36.8 million GRT and sent 18 million of them to Coinbase. As the graph below shows, almost every time GRT reached a local top since mid-December, a transaction was sent to Coinbase. The analyst writes: The Graph unlocked 36.8M $GRT($7.35M) and sent 18M $GRT($3.6M) to #Coinbase 7 hrs ago! And graph.eth has been transferring $GRT to #Coinbase at price highs almost every time since Dec 15, 2022. The price of $GRT increases by ~60% today. How High Can The Price Of The Graph (GRT) Rise? Since the beginning of the year, GRT has skyrocketed a whopping 240%. However, like most altcoins, GRT is still 93.4% away from its February 2021 all-time high of $2.84 – which leaves a lot of potential upside. For the moment, however, a short break from the fabulous rally seems appropriate on the occasion of the token unlock. With an RSI of 77, the price is still in the overbought zone on a daily basis despite the drawdown. Related Reading: SingularityNET (AGIX) Shows No Signs Of Stopping, As AI Crypto Blows Up 923% But since Google has also announced in an official blog post that it intends to present its in-house chat AI “Bard” as soon as possible, an end to investors’ interest in AI projects is not to be expected in the near future. And also from a chart perspective, the GRT price still offers room for a trend continuation towards the level between $0.30 and $0.35. To confirm its uptrend, the GRT price should first stabilize above the 23.6% Fibonacci, which is also matched by a strong support zone at $0.1691. A retest of this level seems likely before The Graph can resume its rally. Then, the 38% Fibonacci retracement at $0.24 comes into focus. If the bulls continue to hold the trigger, the upward movement could extend to the area around $0.30. This is a crucial resistance level from May 2022, when the price fell sharply due to the Terra Luna collapse. Related Reading: AI Crypto Fetch.ai Shoots Up 250%, Catches More Investors’ Attention If the bulls continue to have the upper hand, the 61% Fibonacci level at $0.36 would be of great importance. At the current price, this would already mean a renewed doubling of the price. The long-term target is likely to be the $0.55 level from early April 2022. In a bearish scenario, the GRT price breaks through the important support at $0.1691. In this case, the bears could push the price down to the breakout level at $0.13. This would then be a key trend decision for the price of The Graph. Featured image from The Graph, Chart from TradingView.com

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