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The Graph token (GRT/USD) rose by a dozen percentage points on Thursday. The token was among the few gainers on the day after a market drop following the Fed’s rate hike. CoinMarketCap showed a surge in trading volumes, coinciding with the price surge. The gains elicit the question, how sustainable is Graph token?
The 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, further broadening data decentralization.
Alongside the investor interest on Thursday, The Graph was projected to benefit immensely from the Ethereum Merge. However, since the Merge, Graph token price has been a beaten-down cryptocurrency. That’s because of the querying function that The Graph provides to Ethereum. Consequently, The Graph has been recognized as key to Ethereum’s scaling plans.
The gains in The Graph underline positive expectations the protocol will play in the post-Merge period. Going by the fundamentals, investors could see the Graph as a favorable investment in the PoS ETH era.
Graph Token meets resistance after the intra-day gains
Source – TradingView
Technically, The Graph token has met resistance at $0.092. The token is undergoing a correction at the resistance zone. Although it broke past the resistance, a close of the daily candlestick below could invalidate a bullish view. However, the RSI remains above the midpoint, implying buyers are still active on the token.
What next for GRT?
The cryptocurrency has to clear the resistance level to consider a buy attractive. We need to wait for the close of the daily candlestick to assess the next price direction. A bullish breakout will allow buyers to target $0.10 and $0.12 next.
Where to buy GRT
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading, and spot trading.
Kucoin is a cryptocurrency exchange that offers over 200 cryptocurrencies.
Kucoin has a wide range of services, such as; built-in peer-to-peer exchange, spot and margin trading, bank-level security, and a wide range of accepted payment methods.
Users can benefit from a beginner-friendly interface and relatively low fees.