Key Takeaways:
- The Graph Protocol’s migration to Arbitrum continued to benefit the platform.
- GRT price rallied 37% in the first three days of July.
NEW DELHI (CoinChapter.com) — The Graph Protocol’s decision to migrate to Arbitrum helped the platform’s native token GRT paint an impressive recovery since June 14.
Though GRT price rally stuttered in the last week of June, the token surged 37% in July to form a daily high near $0.139 on July 3. The Graph Protocol shared details about other projects in its ecosystem that migrated to the Arbitrum network for “unbeatable uptime, lower latency, & higher query success rates.”
Some of the projects include APY Vision, which helps users track historical profit and loss data across protocols and blockchains. Allo Protocol allows users to “efficiently & transparently allocate pooled capital” using The Graph’s subgraphs.
Other projects include NFT marketplaces Endemic and SuperRare, and the decentralized exchange Arbitrum Exchange.
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Furthermore, The Graph Protocol announced new features for its “graph-node and graph-cli” features, including the ongoing rollout of substreams-powered subgraphs. The developers also announced improved query search features.
GRT Price Forms Bullish Flag Pattern
GRT price has formed a bullish technical pattern called the ‘Bull Flag.‘
Assets with strong uptrends usually form the pattern. Bull flags consist of a flag pole, resulting from a near-vertical rise in the crypto token’s prices.
A period of consolidation succeeding the steep uptrend forms the flag of the pattern. Despite the strong vertical rally, the asset price does not drop as bulls maintain the buying pressure. As a result, the breakout from the flag pattern often results in a powerful uptrend.
Traders calculate the price target of the breakout by adding the length of the flag pole to the breakout price level. If the flag pattern pans out, GRT price might rise 283% to reach $0.52 in early Q4 2023, theoretically.
GRT Price Rallies Strongly, But Bears Pare Gains
Meanwhile, long wicks on the recent daily candles of GRT price indicate the presence of bears near the higher levels. On July 3, GRT price rallied over 18% to reach a daily high near $0.139 before bears pared gains.
Should the rally falter, the Graph Protocol token price might drop to the 200-day EMA (green wave) support near $0.125.
Breaching the immediate support might result in GRT price testing its 50-day EMA (purple wave) support near $0.115 before recovering.
On the other hand, if the rally continues, GRT price might rise to the resistance near $0.14. Moreover, breaking and consolidating above the immediate resistance level might help GRT price target resistance near $0.155 before corrections pare gains.
The RSI for GRT broke above the overbought threshold, clocking at 70.56 on the daily timeframe.
