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.
GRT Price Analysis: As GRT Price Retraces Following AI Integration News – Is The Graph Going to Zero?
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 view that a healthy retracement will catch lower support at $o.105.
Meanwhile, the MACD remains with bullish divergence at 0.0035, reflecting the impressive volatility behind the recent rally move.
Overall, GRT price looks strong here, with the retracement forming a healthy strengthening of technical structure despite the -8% price tumble.
This leaves GRT price with an upside target at $0.135 (a possible +3.37%).
While downside risk on the short-time frame stands at $0.105 (a potential -19.6%).
GRT price therefore carries a risk: reward ratio of 0.17 – a bad entry characterised by retracement risk – but certainly not going to zero anytime soon.
But while The Graph bag-holders battle retracement, an emerging Bitcoin Cloud Mining presale has broken out as excitement around Bitcoin ETFs grows.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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