The Graph network enables APIs known as subgraphs, making querying networks secure and fast. It helps build applications on a decentralized server and meet requirements for query-specific networks to collect data without a third party.
GRT is an Ethereum based token on the Graph network, and it is a very new coin in the market. In October 2020, the Graph authority sold $12 million worth of GRT coin during the initial public offering, which comprised around 400 million tokens. It attracted big investors because ten holders control half of GRT supply.
It works as an intermediary between blockchain and decentralized applications, and it bridges the gap between the two using a query language called GraphQL. There are curators, delegators, indexers who make communication possible, and the users act as GRT stakers who run the nodes.
While writing, the price of the GRT coin is trading at a price of $0.43, which takes support around the level. If it rises, the resistance level can be $0.59. However, the MACD indicator reflects bullish momentum; RSI is stable around 40. The Bollinger band is coming downward, but the candlesticks suggest a consolidation.
On the weekly chart, the candlesticks broke the support level on the weekly chart, and it is tough to mark the next support level, while MACD and RSI suggest bearishness.
Should you invest in the Graph coin? The Graph is a new currency, and it is hard to assume the coin’s future. Please read the detailed The Graph price prediction before investing for the long term. It is not a good chart for short-term investors because it is too much risky. The chart can be volatile, and you cannot predict the movement properly.
If the GRT price goes upward, the $0.60 level can be a strong resistance point. It does not have a long trading history, so we suggest please keep an eye on the price and analyze the fundamentals properly before investing.