HomeCryptoThe Graph (GRT) Price Analysis: Is A New Rally Beginning?

The Graph (GRT) Price Analysis: Is A New Rally Beginning?

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The price of GRT, the token of The Graph project, better known as “the Google of Blockchains”, is listed at $0.299 in the editorial office and has daily gains of 1.35%, weekly gains of 6.65% and monthly gains of 23%. .82%

We can also see the good performance of this cryptocurrency reflected throughout the crypto market, with Bitcoin trading above $65,000 and Ethereum at $2,942.

First it should be noted that This rebound in the cryptocurrency market comes after the publication of the US CPI inflation data. This report showed that inflation saw a smaller rebound than expected and therefore risk markets responded upwards.

Although the graphs also show us that tokens related to Artificial Intelligence, such as GRT from The Graph, have seen significant increases, even greater than other niches in this sector.

The reason for the performance of AI tokens can be found in the advances that artificial intelligence has had in recent days with the launch of ChatGPT 4-o. A positive earnings report is also expected in Nvidia’s next report.

However, returning to GRT, this cryptocurrency saw a significant rally of more than 14% the previous day, rising from $0.26 to $0.30 USD. Thus demonstrating its positioning in the ranking of cryptocurrencies related to Artificial Intelligence.

Another important fact worth highlighting is that, according to IntoTheBlock, at least 56% of holders are in profits, but 62% of them are long-term holders.

For now let’s let the graphs show us in a more objective way, the current context that the GRT token is experiencing and the next levels that we could expect.

GRT Chart Analysis: Trend Reversal Imminent

GRT price is moving in a horizontal channel between $0.26 and $0.31. However, at the same time, said channel represents an imminent break of the downtrend from the yearly highs of $0.49 USD.

Analysis of GRT price charts. Fountain: TradingView.

The cryptocurrency is now trading above all EMAs, with the 20 EMA trading above the 200, 100 and 50 EMAs yesterday, pushing the price above $0.3. However, the price corrected at $0.31, as a sign that there is a strong ceiling there.

Right now the RSI is returning from an oversold level towards neutrality, which is positive in the current context. On the other hand, the resistance at $0.31 leaves something to think about, as the price already corrected from nearby levels on May 10.

If GRT managed to overcome that resistance, we could expect to face other areas of strong selling such as $0.355 and $0.422.

While we could set the support levels at $0.289 and later at $0.27 and end at the double bottom of $0.26. This level would only be broken in extreme negativity and would lead GRT to look for support at $0.22.

Could the CPI indicate the beginning of a bullish period?

The US Consumer Price Index, better known as CPI, rose 0.3% below the expected 0.4%. Which shows a decline in the rise of stubborn inflation.

This report brought optimism to the markets, however, it is only a good sign in the arduous fight that the US Federal Reserve is experiencing against inflation.

Although if this trend is repeated at least in the next two months, we could begin to see an interest rate cut. With this we would probably see that optimism would return to the crypto market.

The current rally in cryptocurrencies, in fact, encourages us to think that the conditions are ripe for a rally, so it is very tempting to think that, As interest rates fall, large capital will flow into the cryptocurrency market.

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