Graph Token (GRT/USD) rose a dozen percentage points on Thursday. The token was among the few gainers earlier in the day after the market plunged following the Fed’s rate hike. CoinMarketCap showed a jump in trading volume along with a jump in prices. The benefit raises the question, how durable is the GRT?
Graph claims to be an indexing protocol. Users can use the platform to query other networks including Ethereum and IPFS. The protocol allows anyone to create and publish subgraphs, or open APIs, to further broaden data decentralization.
Along with investor interest on Thursday, the graph was expected to benefit immensely from Ethereum Merge, However, since the merger, the price of GRT has been a beaten-down cryptocurrency. This is due to the query function that Graph provides to Ethereum. As a result, Graph has been recognized as a key to Ethereum’s scaling plans.
The profit in the graph underscores the positive expectation that the protocol will last in the post-merger period. Fundamentally, investors can view the graph as a favorable investment in the PoS ETH era.
GRT meets resistance after intra-day gains
Source – TradingView
Technically, Graph Token is facing resistance at $0.092. The token is undergoing a correction in the resistance zone. Although it broke above resistance, a close of the daily candlestick below could invalidate a bullish view. However, the RSI remains above the midpoint, which means that buyers are still active on the coin.
What next for GRT?
The cryptocurrency has to clear the resistance level for it to be considered a purchase Attractive. We need to wait for the close of the daily candlestick to assess the next price direction. A bullish breakout would allow buyers to target $0.10 and $0.12 next.
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