Token Analysis: The Graph (GRT) & Market Outlook

Token Analysis: The Graph (GRT)

Ticker: GRT
Category: Infrastructure (AI & Big Data)
Market Cap: $1,401,367,323
Circulating Supply: 8,904,406,679
Total Supply: 10,630,175,816

Price Update:  GRT price at the time of writing (14th April, 15:30) is $0.1575 with 24-hour trading volume of $62,007,698. GRT price is up by 5.41% in the last 24 hours. It has a circulating supply of 9.9 billion tokens with 89% tokens already in the market.

Source: Tradingview

With Reference to above Chart:

• GRT experienced a local top in early Feb’23 after an initial rally in Jan’23.
• There was a prolonged period of one month where the token was distributed.
• This was followed by an accumulation period.
• The accumulation period has now ended, and GRT is poised for the next leg up.
• The market is shifting towards ALT coins, and accumulation during this period may result in favorable returns.
• Long positions can be considered between $0.1575-$0.15, with Futures Traders potentially looking for a 8-9% movement towards $0.17. With invalidation below $0.146. As this is a momentum based token, one can look for higher potential as well.
• Spot Traders can look for longer time frame accumulation ranges from $0.159-0.145 with upward potential for $0.185, which would ideally be 15-16% gains.

Note: GRT is now available in the futures market in both Go and Pro apps with up to 15x leverage. 

Trade GRT Futures in CoinDCX App

Trade GRT Futures in CoinDCX Pro app

State of the Market

This week was full of major positive happenings in the Macro-Economics. US CPI (Inflation) The annual inflation rate has increased by 5% and the month-on-month price rise was only 0.1% in March, marking the smallest increase since the period ending May 2021. US inflation has decreased more than anticipated, which has fueled optimism that the Federal Reserve’s monetary tightening measures may be coming to an end.

US Inflation in last 1 year

This has led to the huge rally seen in S&P 500 index surpassing 4100 mark, Bitcoin Prices hitting above $30,000 mark and ETH successfully completed Shanghai Upgrade and crossed $2000 mark.
With Shanghai Upgrade, stakers of ETH for validator process will now be able to withdraw staked ETH and fresh funds can be staked with any locking period. Thereby, in future there is higher chance that supply will be reduced in open market and most of it will be staked for stable yields.

Money Flow

Now that BTC has given enormous returns in the past 3 months, ETH has started to move. The money in crypto usually follows this direction:
BTC > > ETH > > Large Cap Tokens > > Small cap & Promising Projects > > Meme tokens
And when the last 3 occurs, it is often termed as Alt Season. And currently we are at the start of the Alt season.
Following Tokens are our TOP 10 to watch for upcoming weeks: 

1. Ethereum (ETH)
2. Optimism (OP)
3. Lido Finance (LDO)
4. Arbitrium (ARB)
5. Cosmos (ATOM)
6. Rocket Pool (RPL)
7. Ripple (XRP)
8. Polygon (MATIC)
9. Aptos (APT)
10. Loopring (LRC)

Disclaimer:

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice.  The  calculations,  data,  risk return  formulations,  performance  or  market  capitalization  indicators  are based on  the  independent  data  sourced  by  CoinDCX  or  third  parties.  Past  performance is  not  indicative  of  any future results.