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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

AI Token The Graph (GRT) Sees Correction, But How High Can The Price Go?

Jake Simmons
Jake Simmons
2 years ago
2 mins read
The Graph GRT

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The price of The Graph’s native token, GRT, has gained a whopping 114% in the last seven days. However, within the last few hours, the price has experienced a major correction of about 23%. After trading for $0.2322 at one point, GRT is trading at $0.1871 as of press time.

While the hype around AI tokens continues to dominate the cryptocurrency market, the correction could be due to a token unlock from The Graph. According to on-chain analytics service Lookonchain, The Graph Governor unlocked 36.8 million GRT and sent 18 million of them to Coinbase.

As the graph below shows, almost every time GRT reached a local top since mid-December, a transaction was sent to Coinbase. The analyst writes:

The Graph unlocked 36.8M $GRT($7.35M) and sent 18M $GRT($3.6M) to #Coinbase 7 hrs ago! And graph.eth has been transferring $GRT to #Coinbase at price highs almost every time since Dec 15, 2022. The price of $GRT increases by ~60% today.

The Graph
The Graph transactions | Source: Twitter @lookonchain

How High Can The  Price Of The Graph (GRT) Rise?

Since the beginning of the year, GRT has skyrocketed a whopping 240%. However, like most altcoins, GRT is still 93.4% away from its February 2021 all-time high of $2.84 – which leaves a lot of potential upside.

For the moment, however, a short break from the fabulous rally seems appropriate on the occasion of the token unlock. With an RSI of 77, the price is still in the overbought zone on a daily basis despite the drawdown.

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But since Google has also announced in an official blog post that it intends to present its in-house chat AI “Bard” as soon as possible, an end to investors’ interest in AI projects is not to be expected in the near future.

And also from a chart perspective, the GRT price still offers room for a trend continuation towards the level between $0.30 and $0.35.

To confirm its uptrend, the GRT price should first stabilize above the 23.6% Fibonacci, which is also matched by a strong support zone at $0.1691. A retest of this level seems likely before The Graph can resume its rally.

The Graph GRT price
GRT price, 1-day chart | Source: GRTUSD on TradingView.com

Then, the 38% Fibonacci retracement at $0.24 comes into focus. If the bulls continue to hold the trigger, the upward movement could extend to the area around $0.30. This is a crucial resistance level from May 2022, when the price fell sharply due to the Terra Luna collapse.

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If the bulls continue to have the upper hand, the 61% Fibonacci level at $0.36 would be of great importance. At the current price, this would already mean a renewed doubling of the price. The long-term target is likely to be the $0.55 level from early April 2022.

In a bearish scenario, the GRT price breaks through the important support at $0.1691. In this case, the bears could push the price down to the breakout level at $0.13. This would then be a key trend decision for the price of The Graph.

Featured image from The Graph, Chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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The highest standards in reporting and publishing
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