- GRT crypto price has made a strong bullish trend in the past few days.
- It is unclear why the token has made a strong rebound.
- There is a possibility that the token will resume the bearish trend.
The Graph price was the second-best-performing cryptocurrency on Monday after Lido DAO. The GRT price soared to a high of $0.1291, the highest level since May 6. It has jumped by more than 18% from the lowest point during the weekend.
Why is GRT price rising?
The Graph is one of the most important players in the blockchain industry. While most people don’t use its technology, GRT provides useful solutions to crypto developers. It provides a solution that makes it possible for developers to query large data in their platforms.
It is unclear why The Graph’s GRT price has jumped sharply in the past few days since there have been no major news. Also, at $43 million, its 24-hour volume has been within its range.
Therefore, there is a possibility that the rally is part of the optimism among investors that cryptocurrency prices will bounce back soon. Another possibility is that The Graph could be set to make a major announcement this week. In most periods, when tokens rise without any major catalyst, it is usually a sign that there is a news coming up.
The mosst recent The Graph news came up last week as the number of developers using its technology continued rising. Last week, Railgun integrated The Graph, which resulted in better data sync and balance scan across the the ecosystem. Railgun is an on-chain zk platform for various blockchains.
The Graph was also integrated by Arbidex, which added its subgraph in its ecosystem. Arbidex is a leading crypto exchange that exists in Arbitrum’s ecosystem. It allows users to trade without paying any major fees.
The Graph price prediction
The 4H chart shows that the GRT crypto price has made a strong comeback in the past few days. It has jumped by more than 18% from the lowest point this year. The token has retested the important resistance point on March 27th. The Graph has moved above the 25-period and 50-period exponential moving averages.
GRT’s Relative Strength Index (RSI) and the Stochastic Oscillator have moved above the overbought level. Therefore, since the token has formed a break and retest pattern, there is a likelihood that it will resume the bearish trend.
If this happens, the next key level to watch will be at $0.1200. A move above the key resistance point at $0.1320 will invalidate the bearish trend.
