- GRT price resumed its bullish trend on Wednesday after incorporating Arbitrum.
- Arbitrum is one of the biggest layer-2 networks in the blockchain industry.
- The Graph is in the process of forming a double-op pattern.
The Graph price has made a strong recovery in the past few days as the protocol ecosystem growth continues. GRT, its native token, rose to a high of $0.1778, the highest point since February 9 of this year. It has jumped by over 26% from its lowest point this week.
The Graph’s Arbitrum integration
The Graph protocol, a leading blockchain indexing protocol, has been in the spotlight this year. For one, it has been categorized as an artificial intelligence (AI) token just like Fetch’s FET and SingularityNET. As a result, its price has jumped because of the strong performance of ChatGPT and other AI tools. Indeed, GRT price has soared by over 212% this year.
Meanwhile, The Graph has continued expanding its capability. Earlier this year, the network integrated with some of the top layer-2 networks in the blockchain like Optimism and Polygon. And this week, the developers announced that it had started to integrate with Arbitrum. Initially, it was deployed in the mainnet. In the next phase, it will enable indexing rewards on Arbitrum One and one-click migration.
For starters, Arbitrum is one of the leading blockchains in the industry. It is a layer-2 network that has been used to supercharge hundreds of dApps. According to DeFi Llama, it is the fourth-biggest player in DeFi, with a total value locked (TVL) of more than $1.53 billion.
Read more: How to invest in The Graph.
It has been used to build several well-known dapps like GMX, Uniswap V3 Sushi, Synapse, and Curve. Recently, GMX announced that it will increase its focus on Arbitrum instead of Avalanche.
The Graph’s integration of Arbitrum is, therefore, a big deal because of its scale. However, in the long run, the impact of this integration of the GRT price will be limited.
The Graph price prediction
My last Graph forecast was accurate. In my article last week, I wrote that the coin had room for a 35% jump. GRT crypto price has been in a strong comeback in the past few months. This recovery saw it surge to a high of $0.2318, the highest point in months. It then retreated and formed a double-bottom pattern at $0.1400. The neckline of this double-bottom pattern was at $0.1689, which the coin has already moved above.
GRT is still being supported by all moving averages while the Relative Strength Index (RSI) is nearing its overbought level. Therefore, in the near term, the outlook of The Graph is bullish as it attempts to form a new double-top pattern at $0.2318. A move below the support at $0.1410 will invalidate the bullish view.
