The Graph price is holding steady as altcoins attempt to close the gap with Bitcoin. The GRT price is trading at $0.8630, which is about 38% above the lowest level this year. This performance has pushed its market capitalization to more than $4 billion, making it the 46th biggest cryptocurrency in the world.
GRT fundamental analysis
The Graph is a blockchain project that is mostly popular among blockchain developers because of the amount of time it saves them. The platform offers an indexing protocol that supports some of the biggest blockchain projects like Ethereum, Binance Smart Chain, Polygon, Avalanche, and Fantom. Other networks using The Graph are Audius and LivePeer.
It is widely used by developers building DeFi platforms like Aave and PancakeSwap. Other developers who use The Graph are in the e-commerce, gaming, and entertainment industries. Developers can also build subgraphs using the network. Some of the popular subgraphs in the network are LivePeer, PoolTogether, and Omen.
The Graph’s ecosystem will likely keep growing over time. For one, the developers have announced a grant program that will help to fund builders in the network. A few months ago, it awarded $60 million to StreamingFast. Also, as the industry and the data in it grows, demand for its APIs will keep rising.
The Graph price prediction
The daily chart shows that The Graph price has been a bit positive in the past few days. The price has moved from a low of $0.6160 this month to the current $0.8630.
Along the way, it has moved slightly above the 25-day and 50-day moving averages. It has also formed a small head and shoulders pattern, which is usually a bullish sign. The Relative Strength Index (RSI) has moved from a low of 35 to about 65.
Therefore, the GRT price will likely keep rising as bulls target the important resistance at $1.0865, which was the highest level on August 23rd. This price is about 25% above the current level. However, a drop below the support at $0.7435 will invalidate the bullish view.