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Graph Token (GRT/USD) rose 10% on Thursday. The token was one of the few rallyers on the day after the market slump following the Fed’s rate hike. CoinMarketCap showed a spike in trading volume coinciding with the price spike. This gain raises the question of how sustainable GRT is.
Graph claims to be an indexing protocol. Users can use this platform to query other networks such as Ethereum and her IPFS. The protocol allows anyone to create and publish subgraphs and open APIs, further increasing the decentralization of data.
In addition to Thursday’s investor interest, The Graph said ethereum mergeHowever, since the merge, the price of GRT is a declining cryptocurrency. This is due to the query capabilities that The Graph provides for Ethereum. As a result, The Graph is recognized as a key to Ethereum’s scaling plans.
The Graph’s earnings underscore the positive expectations the protocol will deliver in the post-merger period. Looking at the fundamentals, investors can see Graph as a lucrative investment in his PoS ETH era.
Source TradingView
Technically, Graph Token has reached resistance at $0.092. The token is being adjusted in the resistance zone. Although the resistance has been broken, a break below the daily candlesticks could invalidate our bullish view. However, the RSI is still above the midpoint, indicating that buyers are still active on the token.
Cryptocurrencies need to clear resistance levels. buy attractive. We have to wait for the close of the daily candlesticks to assess the next price direction. A bullish breakout will allow buyers to target $0.10 and $0.12 next.
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