momentum
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The Graph is an indexing protocol for querying other networks
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The Graph token GRT surged by 19.44% in 24 hours
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The token could rise to $0.16, and a potential retracement at $0.13 offers a change for entry.
The Graph GRT/USD may not be the most talked about cryptocurrency. However, the network solves a critical blockchain problem.
The Graph refers to itself as an indexing protocol for querying other networks such as Ethereum. Before the Graph, developers had to come up and run proprietary indexing servers. The process was resource intensive while undermining the security features required in decentralization.
Ranked at position 55 by market cap, The Graph has been making slow but sure gains. Our attention is drawn to 24-hour gains of 19.44%. The gains coincide with an accelerated trading volume which surged by 82%. Investors looking for an alternative to the top major coins should consider The Graph.Â
The Graph maintains an uptrend with potential resistance at $0.13
Source – TradingView
Technically, MACD and moving averages are bullish on The Graph token. The cryptocurrency is aiming for the $0.16 resistance, the established resistance. This is after overcoming the bottom price of below $0.10. At the current price of $0.13, the target represents an upside potential of 23%.
Nonetheless, before the token rises to $0.16, it could meet a minor resistance at the $0.13 level. The token is already sliding after hitting the zone. Any potential correction could see The Graph token settle at $0.117. That would open buy trades at a lower level.
Summary
The Graph token is pushing higher as the general crypto sentiment improves. We set our target at $0.16, the main resistance after the token escaped the $0.10 bottom. The price faces some resistance at $0.13. Investors should consider buying on a retracement, potentially at $0.117.