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Grt, the chart's native sign, Last month, it grew 108%, allowing AI-based crypto to recover its losses from the previous week and reach $0.1700 per token.
Over the last 7 days, the Token Prize has increased by over 15%. According to CoinMarketCap, The Graph is among the leaders in the AI and Big Data industry, with a market valuation of $1,516,907,666.
The following is a quick overview of token performance this week:
- Gross Tonnage is holding an upward balance.
- The Graph leads the AI and Big Data space
- GRT price down by 7.39% in the last 24 hours
After a successful rally in January, GRT was able to post another 78% gain on February 7, jumping from $0.1292 up to above $0.213 However, the price had to correct itself later, and the price successfully recovered.
Since the time of this writing, grt has made a return, after having overcome some important obstacles. In the meantime, the bulls still had to overcome some hurdles before they could gain more weight.
According to CoinMarketCap, GRT price is down by 7.39% or trading at 0.1689 as of this writing.
Bear to take the upper hand if GRT does not manage to overcome $0.1800.
The GRT appears to have retested the support area at $0.1400 on two occasions in the last two weeks. Now, these new tests have given buyers this competitive advantage as well as the opportunity to acquire.
Although the first test ends in a muffled recovery, the latest proved that it hit through the resistance of $0.1616. Alternatively, if the gross tonnage cannot exceed $0.1800, bears could have more influence in the marketplace.
The price of the chart (GRT) over the previous 30 days. Source: CoinMarketCap
The GRT price action over the past few days can be explained by the rally of some major cryptocurrencies associated with AI which accounts for the rise in the price of GRT.
Although the graphical protocol has recently completed the first phase of integration into the ethereum layer-2 arbitrum (arbi) network, the second reason is more specific and clearer.
As the chart has been rolled out on perhaps the most popular platform 2, it has been able to improve its operations while increasing the speed and affordability of participation for its users.
Investor Confidence Up For GRT
Meanwhile, as a result of higher-than-expected inflation in January, stocks and the U.S. equity market remained stable. As a result, bitcoin has started to recover and stabilize, along with weighted gross tonnage sentiment. Investor confidence in the limited partnership's assets also improved as a result.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.comAs a result, bulls can be encouraged to move ahead to reach the $0.1805 target. However, lower funding rates may hinder bull efforts as demand for derivatives on the derivatives market decreases.
The Open Interest (OI) rate of GRT has surged significantly as of press time. If the OI rate continues to rise and weighted sentiment improves, there could mean a strong breakout above $0.1800.
-Featured image from Coin Republic
