GRT Price Prediction: Can the Rising Coin Maintain Its Momentum?

Updated: 06 February 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Graph’s GRT token is currently outperforming the market as the month enters its first full week. With the asset now looking to break out even further, investors will be watching to see if it has any more highs to claim.

GRT Offers Relief to Investors

The crypto market is currently experiencing a downtrend, with economic pressure weighing on coin prices. The market also appears to have calmed down after a roaring month in January, when most coins saw double-digit gains at the very least.

Despite this, GRT has shown some impressive gains. The digital asset currently trades at $0.1276, marking an impressive gain of 9.72% in the past 24 hours. This means that GRT has handily outperformed the market, which is currently down by 2.30% in the same period.

GRT’s strong performance has also extended to its technicals. The asset is trading above all its moving average(MA) indicators, ranging from the 10-day MA of $0.1272 to the 200-day MA of $0.1270. Within the past 24 hours, the rally seems to have helped the asset climb above these indicators, and a further rally will be important for its ability to stay above them.

A positive moving average convergence divergence (MACD) shows that GRT is currently giving off a buy signal. However, investors would also want to keep an eye on its rising relative strength index (RSI). The metric stands at 48.06 at the moment, and while this isn’t at the overbought region yet, it appears that GRT’s rally in the past day has caught the eye of many investors who now want to enjoy its gains.

The Graph Posts Significant Ecosystem Gains

The Graph is an open-source software that enables data collection, processing, and storage across different blockchain applications. Originally launched on Ethereum, it looks to help developers gain access to relevant data to bolster the efficiency of their decentralized applications (dApps).

It aids in analyzing and collating blockchain data before storing it in various indices – known as Subgraphs – and allows dApp developers to send data queries to its protocol.

The Graph, one of the many rising stars in the blockchain space, has recently seen significant growth in its underlying fundamentals. In a report titled “State of The Graph,” crypto research firm Messari recently showed that the protocol has so far recorded impressive growth.

According to the report, there were 618 active subgraphs on the platform’s mainet as of December 2022, a 35% increase over the previous quarter and 151% over the previous year. Messari added that the growth in active subgraphs is expected to continue going forward.

The Graph’s ecosystem consists of curators, indexers, and delegates. The indexers manage graph nodes and store data, while curators signal the subgraphs worth indexing to indexers. As for delegates, their job is to participate in the ecosystem as non-technical delegates.

Messari reported that indexers on The Graph had increased by 33% as of December 2022, while delegates on the network had increased by 9%.

As we enter the new year, all eyes will be on The Graph to see how the ecosystem develops. Investors in the platform’s GRT token will also hope the network’s impressive numbers will continue, implying an even greater rise in the asset’s price. This, combined with increased expectations of a market rebound in 2023, should make GRT one of the assets to look out for in the crypto space.

GRT Alternatives

While GRT remains attractive to investors, it is worth noting that there are other coins that can deliver profits. Currently, one of the most exciting assets in the market, MEMAG, is available on presale.

MEMAG was developed by the Meta Masters Guld – the self-proclaimed first Web3 gaming consortium in the market. The platform’s developers are looking to build multiple games under the same umbrella, all of which will use the MEMAG token in one way or the other. This way, MEMAG can have multiple use cases, which will further bolster its price.

MMG will first introduce Meta Kart Racers, an exciting racing game that includes single-player and player vs. player modes. In addition, MMG will also develop other Web3 games for their Meta Masters Guild platform, several of which have already been unveiled on their website.

In just a few weeks, the digital asset has raised over $3.15 million in its presale, demonstrating strong investor support and making it one of the best cryptos to buy.

Buy MEMAG