Altcoins
As Chart Price Explodes, These 3 Altcoins Could Surge 10x in 2023
Last updated: October 19, 2023 at 12:03 p.m. EDT | 6 minutes of reading
The “Google of Blockchain” – The Graph (GRT) kicked off 2023 with a sensational rally.
After a slow disappearance from the 2021 Bull Run, this top 100 piece is on the comeback. The cascading price action throughout GRT’s deadly 2022 plunge finally bottomed at $0.05 on December 30.
Macroeconomic sentiment has driven initial price action for GRT. Markets were invigorated by the Fed’s surprise dovish tone, and as the S&P500 began to rise, so did crypto.
The increase in January is not remarkable given GRT’s past performance on the markets. Yet as the Bollinger Bands widened throughout the month, many price levels began to give way.
At the end of January, GRT posted a gain of 67%. And more importantly, it had established a local support zone between $0.08 and $0.09.
The first weekend of February saw GRT skyrocket. Large green candles appeared on the chart on February 4 as the market’s alt season began to take hold.
A huge weekend – which broke through tough resistance levels to leave GRT high at $0.20 – produced a 108% increase. Reconquest of territory last seen in May 2022 – 10 months ago.
Today, at $0.18, the price is now both bullish and perilous. A local retracement appears to be underway following this explosive price exploration.
How high could The Graph (GRT) go?
Consolidation is key. If the price stabilizes above $0.17, it would pave the way for an upward move to test the next price level at $0.30.
But if price moves towards a full retracement towards support, it would likely bring GRT back to between $0.08 and $0.09.
Looking at the indicators. The RSI 14 has overheated to a high degree on this latest pump – reaching a seismic level of 91. Consolidation is already in effect as the RSI cools quickly, already up to a comfortable 69.
This still signals a bearish divergence. But the cooling is reassuring for the bulls – much-needed buying pressure remains.
The MACD has reached a high of 0.0043 – a strong signal of bullish divergence in conflict with the RSI. This suggests that GRT is truly consolidating and not retracement. This indicates that another rise could occur.
So with GRT suspected of consolidation, is this an attractive entry?
A rise to $0.30 is on the table – from current price levels, which would produce a +64% gain. If a retracement towards local support at $0.09 occurs, this gives a downside risk of -50%.
But why is The Graph (GRT) rallying?
The market strongly recognizes the importance of The Graph. Presented as “the Google of Blockchain”. GRT allows developers to deploy “subgraphs,” which search and retrieve information from blockchains. Like LINK as a Big Data project, but with more of a search function as opposed to data feeds.
Amid a surge of interest in blockchain projects focused on AI and Big Data – GRT has flourished. In fact, The Graph is the most wanted AI/Big Data project this year.
report. Something to excite the GRT community, which had a very disappointing year in 2022.
The report highlights 151% growth on a year-over-year basis in subgraphs deployed on The Graph mainnet. This resulted in a 265% year-over-year increase in revenue from query fees (search fees) on The Graph.
calendar. This caused prices to fall throughout 2021 and 2022 – but all GRT tokens have now been released to the market.
What other coins could explode like GRT this month?
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