Is The Graph Going to Zero? GRT Price Suddenly Drops 8% as Attention Shifts to Surprising New Mining Startup
Leading indexing protocol The Graph (GRT) price has undertaken a -8% tumble triggered by rejection from upper trendline resistance, leaving some panicked bag-holders asking ‘is The Graph going to zero?’.
This comes as GRT price exploded +30% following the breaking news that The Graph will start fulfilling queries for AI large language models, highlighting the impressive growth of this well-positioned Web3 infrastructure component.
Was one of the biggest movers in 2021
I still believe the $GRT will be a big player in this next run. I tend to focus on the projects right now that are helping WEB 3 become a reality.
As you already know, or at least should know, if we see the same growth that Web 2 had from… https://t.co/AhyflZj69p
— Nick | Crypto Crusader (@NCashOfficial) November 8, 2023
The ‘Google of Web3’s pivot towards AI has been well-received by the crypto market, with traders shifting to increasingly bullish sentiment following the news – leaving GRT ranked as one of the best projects to buy.
As price reels back from the over-excited pump, The Graph is current trading at a market price of $0.13 (representing a 24-hour change of -5.09%).
The retracement move, triggered by resistance at $0.165, has so far seen GRT price tumble -8%, in a downside move that has crashed through 3 potential support levels.
Now on a crash course with moving averages, GRT price finds improved technical posture from an emergent golden cross pattern as the 20DMA sweeps high above the 200DMA.
This creates a likely support zone around $0.105 – forming lower targeting for downside risk.
In further strengthening of technical structure, the retracement move has began to cool-off an overbought RSI which has now dropped down to 62.41 – further cementing the
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