Today, a lot of uncertainty has striked the crypto market as neither bulls not bears are dominating at the moment. The following dump may be connected with the SEC, which is about to sue Ripple.
In the past couple of days, GRT token price has been observed gaining a good percentage in a very short matter of time. From the past 24 hours, The Graph token is undergoing an inevitable correction.
GRT Price Analysis
The Graph price today is $0.393452 with a 24-hour trading volume of $587,947,117. The Graph is down 15.24% in the last 24 hours. The current CoinMarketCap ranking is #45, with a market cap of $490,110,397 . It has a circulating supply of 1,245,666,867 GRT coins.
GRT price might struggle to stay above $0.5 as technicals turn bearish. On the 30-minutes chart, the TD Sequential indicator has presented a sell signal which adds even more selling pressure.
The Graph has been holding the 50-SMA support level on the 15-minutes chart for a while. However, a breakdown below this point can quickly drive GRT price towards the 100-SMA at $0.49. Failure to hold this level will push the digital asset to its last low at $0.42.
GRT project is seen among the good projects with high volume and more than 1 billion supply.
But the only worry would be those traders who are contended with just a small growth and start selling within no time. This may hammer the price as the bull run will be converted to a bearish trend within no time.
Coinbase Pro and Binance Extends Support to GRT
The entire crypto community was thrilled with the launch of the Graph network which aims to help in indexing and querying data from blockchains went live officially with its operations.
The token rose exponentially from just $0.179720 to $0.308367 with just 24 hours of the launch registering nearly 100 percent growth in less than a day.
Also Read : What Bitcoin Price Will Look Like in 2021?
Analyst View on GRT Price
Prominent crypto analyst trader Josh Rager already said that traders should keep an eye on the GRT token:
On the contrary GRT token is already listed in most of the major exchanges within a couple of days of its launch. This would provide the token with a wide user base and a much larger market within the reach of most of the traders. Hence a bigger pump may be imminent.
Overall, the newly launched The Graph token has taken a flight towards its highest in just a small matter of time. Moreover, a steep jump is expected over time which might pull the GRT price to $1 initially and to the greater highs in the coming days.