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The Graph Price surged by 24% in the last 24 hours and 62% in a week to trade at $0.2662 as of 5 a.m. on trading volume that skyrocketed more than 103% to $562.5 million.
The GRT price surge coincides with rising interest in AI projects. The Graph itself is a project that helps developers simplify their data in only a few short steps. That also includes helping AI developers analyze and handle massive amounts of data using subgraphs.
The Graph Price Prognosis
While The Graph saw a strong price surge in the last seven days — a continuation of a recovery that started back in mid-October — the token’s recent surge has been extremely sharp.
Typically, such sharp price changes tend to see equally sharp corrections, unless certain events or overwhelmingly positive market sentiment continue to push it further up, or at least allow it to stabilize where it is right now.
Otherwise, chances are that the GRT price will see a correction in days to come. For the moment, the token seems to have hit a major barrier at $0.28, but for now, the support at $0.26 is still holding. Meanwhile, several technical indicators suggest that The Graph could see a correction very soon.
The project’s Bollinger bands still remain fairly wide, which is a good sign. However, with the price balancing exactly halfway between the upper and lower band, it doesn’t seem to favor any of the two levels. This could be a sign that the bands might narrow in the near future, and indeed, the current chart already provides a slight hint of that happening.
The project’s Relative Strength Index (RSI) level also shows a sharp drop from the overbought zone toward a more neutral area. The question now is whether this neutrality will last, or if the traders might rush in to take profit, thus pushing RSI into an oversold zone.
This will also lead the price into a dip that could result in GRT sinking to a support at $0.24, or potentially even lower, to $0.215.
If the bulls manage to maintain the buying pressure, however, it is not impossible for the token to shoot up once again and breach the resistance at $0.28, potentially heading back to $0.30 — a level not seen in almost two years.
Promising Alternative to The Graph
While The Graph has seen a massive surge recently, a token called Smog (SMOG) could potentially bring even greater profits to its holders. This is a meme coin project with a dragon theme that is thus nicely positioned to capitalize as the Chinese New Year of the Dragon kicks off in Chinese communities around the world.
The project is currently offering its token at a 10% discount to the market price, so if you are interested, act quickly to capitalize on an extraordinary opportunity before the offer ends.
Investors can stake the token to earn about 42% per annum and also qualify for a massive upcoming airdrop. The project’s platform says that this will be “the greatest Solana airdrop of all time.”
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
The Smog token can be obtained in exchange for ETH and USDT, or purchased with credit or debit card directly.
Visit the SMOG presale and buy tokens here.
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