The price of GRT, the native token of The Graph, has increased by a staggering 114% during the past week. However, a significant 23% price correction has occurred during the past several hours. As of the time of publication, GRT was trading for $0.1871 after once reaching $0.2322.
The graph below demonstrates that since mid-December, a transaction has been made to Coinbase practically every time GRT achieved a local peak.
The Graph paid 18M $GRT (or $3.6M) to #Coinbase 7 hours ago after unlocking 36.8M $GRT ($7.35M)! And from December 15, 2022, graph.eth has sent $GRT to #Coinbase at price peaks practically continuously.
GRT, like other cryptocurrencies, is still 93.4% away from its $2.84 all-time high from February 2021, thus there is still a ton of room for growth.
However, for the time being, a brief respite from the fantastic rally seems fitting in honor of the token unlock. Despite the fall, the price remains consistently in the overbought area with an RSI of 77.
However, given that Google has also stated in a public blog post that it plans to disclose its internal chat AI “Bard” as soon as feasible, a decline in investor interest in AI projects is not something that should be anticipated anytime soon.
Additionally, from a perspective of the chart, the GRT price still has potential for a trend to continue in the direction of the price range between $0.30 and $0.35.
The GRT price must first stabilize above the 23.6% Fibonacci, which coincides with a significant support area around $0.1691, in order to confirm its upward trend.
The attention shifts to $0.24, which represents the 38% Fibonacci retracement. The upward advance may reach the vicinity of $0.30 if the bulls maintain their grasp on the trigger. This critical resistance level dates back to May 2022, when the price dropped precipitously as a result of the Terra Luna crash.
The 61% Fibonacci level at $0.36 would be crucial if the bullish trend were to continue. This would already result in a price increase of double at the current pricing.
In a scenario when GRT is in the red, the price breaches crucial support at $0.1691. The bears might in this instance drive the price all the way down to the breakthrough level at $0.13.