As The Graph Price Explodes, These 3 Altcoins Might 10X in 2023
The 'Google of Blockchain' - The Graph (GRT) has kicked off 2023 with a sensational rally.
After a slow bleed out from the 2021 Bull Run - this top 100 coin is on the come back. Cascading price action throughout 2022's GRT death slide finally bottomed out at $0.05 on Dec 30.
Macro sentiment spurred initial price action for GRT. Markets were invigorated by surprise dovish tone from the Fed and as the S&P500 began to rise - so did crypto.
January uptick was unremarkable compared to GRT's past performance on the markets. Yet, as Bollinger bands widened throughout the month - many price levels began to give way.
By the end of January GRT had posted a 67% gain. And more importantly had established an area of local support at $0.08 - $0.09.
The first weekend of February saw GRT skyrocket with a bang. Big green candles rocked up on the chart on February 4 as market Alt Season started to take hold.
A whopping weekend - which tore through tough resistance levels to leave GRT sat high at $0.20 - produced a 108% leg-up. Recapturing territory last seen in May 2022 - 10 months ago.
Today sat at $0.18 price action is now both bullish and perilous. A local retrace seems to be underway after this explosive price exploration.
Consolidation is the key. If price stabilizes above $0.17 it would set the stage for a run-up to test the next price level at $0.30.
But, if price moves for a full retracement to support - this would likely land GRT back at $0.08-$0.09.
Looking to the indicators. The RSI 14 overheated to a high degree on this latest pump - topping out at a seismic 91. Consolidation is already in effect as the RSI is cooling off quick - already down to a comfortable 69.
This still signals bearish divergence. But the cooling off is reassuring
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