The Graph token(GRT) which terms itself as the first decentralized indexing protocol embarks API for a vibrant decentralized future. It is an indexing protocol for the networks like Ethereum and IPFS. Anyone here can build and publish open APIs called Subgraphs through which data becomes easily accessible. The entrepreneurs here in Graph network are creating the next-level apps which build a bridge between humans to the internet.
Interesting Fact: The Graph token has a huge global community of over 200 Indexer Nodes in the testnet and nearly 2000 Curators as of 2020
The native and governance token of the platform Graph coin(GRT), is an ERC-20 token that is used to administer resources on the network. The node operators who are termed as Indexes receive their awards in form of these tokens.
The Graph token holders who provide their service to their network are called indexers and delegators. To become one among these, one has to stake their GRT tokens. The token received huge attention when the asset spiked more than 50%, yet the asset currently is struggling to regain the lost momentum, but currently failing to do so.
Fundamental Analysis of The Graph Token(GRT)
The Graph token was founded by a group of professionals from Ethereum, Open Zeppelin, Decentraland, Orchid, MuleSoft with the initial founders Yaniv Tal, Brandon Ramirez, and Jannis Pohlmann. It is a decentralized public network that ensures the security and integrity of the GRT holders.
The working of the Graph network is simple, first, it extracts the information through the nodes. As the data is added to the blockchain through the smart contracts the Graph nodes add the data from these new blocks to its appropriate Subgraphs. Further, there are 3 main contributors who offer their service to the network:-
- Curators:- They take care of indexing high-quality SubGraphs and earn fees for the subgraph they signal.
- Indexers:- Indexers further stake their GRT tokens for the indexed Subgraphs and earn a portion of query fees and rewards from the protocol
- Delegators:- The delegators lend their GRT tokens and earn a part of indexer fees.
Will GRT Price Hit $3 in 2021?
The Graph token(GRT) token stepped into the world of trade with a huge volume that spiked the price at once and further the 2021 bull run escorted the price to its highs very close to $3. While the asset was expected to hit $5 as it accumulated within narrow ranges for more than a couple of months. Further the May crash dragged the price below and compelled it to hover around $1 levels for an extended period.
After the end of a bearish Q3, many predicted the Q4 to be more fruitful, yet the crypto space fell into a deep well including GRT token. Currently, after undergoing multiple plunges, the asset at the press time is hovering around $0.59 and consolidating heavily. Moreover, the possibility of a decent uptrend has also been manifested.
According to the technicals, The Graph token price could flip the bearish divergence anytime from now to reach the immediate resistance levels around $1. Considering the present technical factors, the GRT price could eventually attain a dollar mark and head towards $2 following a notable uptrend. Hence $3 may be out of reach as very few days are remaining to end the yearly trade of 2021.
Factors Affecting The Graph Token(GRT) Price Today?
The Graph network has become much popular in the crypto space and hence many projects including Uniswap, Synthetix, Decentraland and Aragon use the network in production today. Moreover, the Future Swap exchange uses the graph protocol for its frontend, also the other platforms like Opium, Slingshot crypto use the network to build DApps, etc. Hence infusing more value to its native token in the future.
Coming to the technicals, the RSI and MACD are swinging close to the lower levels but pointing out towards the end of a bearish trend.RSI is consolidating heavily along the lower levels indicating a healthy uptrend ahead. MACD also shows a depleted selling pressure from the past couple of days and the MACD line is all set to cross the signal line, and let out a ‘buy’ signal.
Moreover, the platform is supported by other networks like Ethereum, Polygon, Arbitrum, BSC, CELO, Avalanche, XDAI, POA, Fantom, etc. The platform is poised to roll out huge developments and improvements in the coming days, driving the GRT price to the next level. Moreover, the partnership and expansion are also likely to determine the upcoming price trend.
Where to Buy The Graph Token(GRT)
The Graph token since its inception has been a magnificent player in the world of cryptocurrencies. And hence is available for trade on most of the platforms in the crypto space. Yet if you want to invest in the Graph token and find a reliable platform, then CoinDCX may be a suitable choice.
CoinDCX is India’s most trusted cryptocurrency exchange, offering a wide range of crypto assets at affordable prices. The CoinDCX app offers hassle-free trades with a unique user experience at a single touch. Therefore, download the mobile app now and register following very few simple steps.
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