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Graph price turned bullish with 10% gains in the last 24 hours to trade at $0.1138 at 3:45 am EST as investors reacted to the recently announced protocol upgrade.
GRT received a boost from an October 31 post on X in which The Graph team revealed an update to its protocol that would allow its users to “seamlessly upgrade to The Graph Network.”
Graph Network offers best-in-class performance, low query costs, reliable uptime, redundancy, and fast synchronization speeds.
Now is the time for everyone to take advantage of the benefits of upgrading to the network!
This announcement reveals an updated plan for the dawn of… pic.twitter.com/8iHduepTqZ
– The graph (@graphprotocol) October 31, 2023
The three-phase plan includes Sunray, which will enable support for all hosted service chains, introduce a simple upgrade flow, and offer a free query plan on The Graph Network, made possible by the Indexer upgrade.
The Sunbeam phase will involve establishing “a 60-day upgrade window to upgrade hosted service subgraphs, with dedicated upgrade support.”
The Sunrise phase will see the expiration of “hosted service endpoints… as all subgraphs are upgraded” to the blockchain network.
Graph Network also hopes to host the upcoming inaugural Datapalooza, a day focused on Web3 data innovations on November 13 in Istanbul.
Datapalooza is just 13 days away!
New Speakers Update: @andrej_dev of @link of the chain!
Andrej will be leading a workshop on using Chainlink Functions to implement a DeFi strategy connecting The Graph and Uniswap Router!
Stay tuned for information on additional speakers and presentations. https://t.co/HNFqcBtNF9 pic.twitter.com/jhIm6znaA3
– The graph (@graphprotocol) November 1, 2023
Attendees are looking forward to a day full of “talks, panels and workshops from developers, researchers and experts” such as Andrej Rakic, a renowned Chainlink developer.
These developments, along with the current positive sentiments in the cryptocurrency market, have sparked investor interest in GRT, which saw trading volume increase 44% to $90 million, according to CoinMarketCap data.
As a result, The Graph token ranks among the top 100 digital currencies and posted double-digit gains on November 2.
Today’s top 100 cryptocurrencies – #MOONNovember It’s really a thing! $btc breaks 35K$ NEAR pumped even more than $SOL$ghost headed to $100$GRT double digits$ARB and $AVAX up to 9%
Even $POINT in the race.
What a time to be alive! Stay well my friends. pic.twitter.com/VHQCLO71n6– InvestAnswers (@invest_answers) November 1, 2023
Chart Price Seeks 76% More Gains to $0.20
The GRT price was sealed in a bearish trend between February 7 and October 20. This price action was defined by a series of lower highs and lower lows that led to the appearance of a descending parallel channel on the daily chart.
During this period, The Graph price experienced failed recovery attempts, hiccups, fakes, and bear traps. The downtrend was stopped by buyer congestion around $0.078.
Buyers purchased TRB at a discount from this level, resulting in a 53% increase that saw the price reach a high of $0.112 on November 2. This rally saw the price reclaim key support levels, including all major moving averages, while breaking out of the downtrend. channel.
The bulls will now try to push the price above the $0.12 psychological level to face the main barrier resistance provided by the $0.15 psychological level. Overcoming this hurdle would clear the way for GRT to rise towards the $0.20 supply zone. This would result in a 76% increase from the current level.
GRT/USD daily chart
The Stochastic RSI position at 84 reinforced GRT price optimism. Furthermore, this trend-following swing indicator positioned itself in overbought territory, suggesting that buyers were dominating the market.
Moving averages were also pointing higher, an indication that market conditions still favored the upside. These overlay chart indicators also provided solid downside support for The Graph, which could absorb any selling pressure.
This was reinforced by IntoTheBlock chain data, a blockchain and market behavior analysis company. Its In/Out of the Money Around Price (IOMAP) model showed that GRT enjoyed strong support compared to the resistance it faced on the upside.
The IMMAP Chart Chart
This suggested that the path of least resistance was bullish.
On the downside, the Stochastic RSI painted extremely overbought conditions for GRT. This implied that the bullish momentum could soon lose steam as sellers book profits in the run-up to $0.12. The resulting supply pressure could cause a price correction.
Therefore, a daily candle close below the 200-day EMA at $0.1033 could trigger massive sell orders that could cause TRB to fall below the upper boundary of the descending channel.
This would take GRT back into the channel where it could continue to trade for some time with the 100-day EMA, 50-day EMA, and middle boundary of the channel at $0.095, $0.092, and $0.0785 respectively, providing support.
GRT Alternatives
<img decoding="async" class="alignnone size-full wp-image-453838" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="minetrix bitcoin” width=”1500″ height=”500″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2023/11/GRT-Pumps-Nearly-10-But-Experts-Say-This-New-Bitcoin”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-1.jpeg 1500w, https://technicalterrence.com/wp-content/uploads/2023/11/GRT-Pumps-Nearly-10-But-Experts-Say-This-New-Bitcoin”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-1-300×100.jpeg 300w, https://technicalterrence.com/wp-content/uploads/2023/11/GRT-Pumps-Nearly-10-But-Experts-Say-This-New-Bitcoin”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-1-1024×341.jpeg 1024w, https://technicalterrence.com/wp-content/uploads/2023/11/GRT-Pumps-Nearly-10-But-Experts-Say-This-New-Bitcoin”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-1-768×256.jpeg 768w” data-lazy-sizes=”(max-width: 1500px) 100vw, 1500px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2023/11/GRT-Pumps-Nearly-10-But-Experts-Say-This-New-Bitcoin”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-1.jpeg”/>bitcoin-minetrix-1.jpeg” alt=”minetrix bitcoin” width=”1500″ height=”500″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/11/GRT-Pumps-Nearly-10-But-Experts-Say-This-New-Bitcoin”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-1.jpeg 1500w, https://technicalterrence.com/wp-content/uploads/2023/11/GRT-Pumps-Nearly-10-But-Experts-Say-This-New-Bitcoin”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-1-300×100.jpeg 300w, https://technicalterrence.com/wp-content/uploads/2023/11/GRT-Pumps-Nearly-10-But-Experts-Say-This-New-Bitcoin”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-1-1024×341.jpeg 1024w, https://technicalterrence.com/wp-content/uploads/2023/11/GRT-Pumps-Nearly-10-But-Experts-Say-This-New-Bitcoin”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-minetrix-1-768×256.jpeg 768w” sizes=”(max-width: 1500px) 100vw, 1500px”/>
bitcoin Minetrix (BTCMTX) is a new crypto project that is making waves as its pre-sale surpasses the $3.1 million mark, reflecting the growing excitement surrounding the Stake-to-Mine ecosystem.
bitcoin Minetrix presents an innovative solution to democratize the bitcoin mining industry. It offers a genuine alternative to the frequent mining scams that have plagued the sector in recent years as it races to become one of the best cryptocurrency presales to invest in and make big profits in 2023.
Presenting #BitcoinMinetrixthe revolutionary cloud mining solution that allows people to participate in #Decentralized $btc mine easily.
With the risks of third-party cloud mining removed, users enjoy complete control over their mining activities.#bitcoin Mining pic.twitter.com/BV7BE7AfKs
—Bitcoinminetrix (@bitcoinminetrix) November 1, 2023
The project’s smart contracts have undergone a thorough audit by Coinsult, bolstering investor confidence with an additional layer of security.
With pre-sale surge surpassing the $3 million mark in record time, early adopters are hailing bitcoin Minetrix as a disruptive force in cloud mining, especially in anticipation of the upcoming bitcoin block halving .
Exciting announcement #BitcoinMinetrix It has raised over $3,000,000! pic.twitter.com/Hs2063y9tJ
—Bitcoinminetrix (@bitcoinminetrix) November 1, 2023
Currently priced at $0.0114, BTCMTX is expected to see a price increase in four days. Respected analysts like Jacob Bury are expressing optimistic sentiments about the Stake-to-Mine solution, contributing to the credibility of the project.
Visit bitcoin Minetrix here for more information on how to participate in the pre-sale.
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