{"id":519013,"date":"2023-02-08T12:08:24","date_gmt":"2023-02-08T12:08:24","guid":{"rendered":"https:\/\/wncen.com\/?p=519013"},"modified":"2024-06-11T08:33:40","modified_gmt":"2024-06-11T08:33:40","slug":"ai-token-the-graph-sees-correction-price-targets","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ai-token-the-graph-sees-correction-price-targets\/","title":{"rendered":"AI Token The Graph (GRT) Sees Correction, But How High Can The Price Go?"},"content":{"rendered":"<p>The price of The Graph&#8217;s native token, GRT, has gained a whopping 114% in the last seven days. However, within the last few hours, the price has experienced a major correction of about 23%. After trading for $0.2322 at one point, GRT is trading at $0.1871 as of press time.<\/p>\n<p>While the hype around AI tokens continues to dominate the cryptocurrency market, the correction could be due to a token unlock from The Graph. According to on-chain analytics service Lookonchain, The Graph Governor unlocked 36.8 million GRT and sent 18 million of them to Coinbase.<\/p>\n<p>As the graph below shows, almost every time GRT reached a local top since mid-December, a transaction was sent to Coinbase. The analyst <a href=\"https:\/\/twitter.com\/lookonchain\/status\/55024641\" target=\"_blank\" rel=\"noopener nofollow\">writes<\/a>:<\/p>\n<blockquote><p><strong>The Graph unlocked 36.8M $GRT($7.35M) and sent 18M $GRT($3.6M) to #Coinbase 7 hrs ago!\u00a0And graph.eth has been transferring $GRT to #Coinbase at price highs almost every time since Dec 15, 2022.\u00a0The price of $GRT increases by ~60% today.<\/strong><\/p><\/blockquote>\n<figure id=\"attachment_519015\" aria-describedby=\"caption-attachment-519015\" style=\"width: 1968px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-519015 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/The-Graph.jpg?resize=1968%2C1122\" alt=\"The Graph\" width=\"1968\" height=\"1122\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/The-Graph.jpg?w=1968 1968w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/The-Graph.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/The-Graph.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/The-Graph.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/The-Graph.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/The-Graph.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/The-Graph.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-519015\" class=\"wp-caption-text\">The Graph transactions | Source: Twitter @lookonchain<\/figcaption><\/figure>\n<h2>How High Can The\u00a0 Price Of The Graph (GRT) Rise?<\/h2>\n<p>Since the beginning of the year, GRT has skyrocketed a whopping 240%. However, like most altcoins, GRT is still 93.4% away from its February 2021 all-time high of $2.84 &#8211; which leaves a lot of potential upside.<\/p>\n<p>For the moment, however, a short break from the fabulous rally seems appropriate on the occasion of the token unlock. With an RSI of 77, the price is still in the overbought zone on a daily basis despite the drawdown.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/all\/singularitynet-blows-up-923\/\" target=\"_blank\" rel=\"noopener \">SingularityNET (AGIX) Shows No Signs Of Stopping, As AI Crypto Blows Up 923%<\/a><\/div>\n<p>But since Google has also announced in an official blog post that it intends to present its in-house chat AI &#8220;Bard&#8221; as soon as possible, an end to investors&#8217; interest in AI projects is not to be expected in the near future.<\/p>\n<p>And also from a chart perspective, the GRT price still offers room for a trend continuation towards the level between $0.30 and $0.35.<\/p>\n<p>To confirm its uptrend, the GRT price should first stabilize above the 23.6% Fibonacci, which is also matched by a strong support zone at $0.1691. A retest of this level seems likely before The Graph can resume its rally.<\/p>\n<figure id=\"attachment_519020\" aria-describedby=\"caption-attachment-519020\" style=\"width: 2958px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-519020 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/GRTUSD_2023-02-08_12-33-27.png?resize=2958%2C1618\" alt=\"The Graph GRT price\" width=\"2958\" height=\"1618\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/GRTUSD_2023-02-08_12-33-27.png?w=2958 2958w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/GRTUSD_2023-02-08_12-33-27.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/GRTUSD_2023-02-08_12-33-27.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/GRTUSD_2023-02-08_12-33-27.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/GRTUSD_2023-02-08_12-33-27.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/GRTUSD_2023-02-08_12-33-27.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/GRTUSD_2023-02-08_12-33-27.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/GRTUSD_2023-02-08_12-33-27.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-519020\" class=\"wp-caption-text\">GRT price, 1-day chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/uD28avrX\/?symbol=ICEUS%3ADX1%21\" target=\"_blank\" rel=\"noopener nofollow\">GRTUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>Then, the 38% Fibonacci retracement at $0.24 comes into focus. If the bulls continue to hold the trigger, the upward movement could extend to the area around $0.30. This is a crucial resistance level from May 2022, when the price fell sharply due to the Terra Luna collapse.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ai-crypto-fetch-ai-up-200\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">AI Crypto Fetch.ai Shoots Up 250%, Catches More Investors\u2019 Attention<\/a><\/div>\n<p>If the bulls continue to have the upper hand, the 61% Fibonacci level at $0.36 would be of great importance. At the current price, this would already mean a renewed doubling of the price. The long-term target is likely to be the $0.55 level from early April 2022.<\/p>\n<p>In a bearish scenario, the GRT price breaks through the important support at $0.1691. In this case, the bears could push the price down to the breakout level at $0.13. This would then be a key trend decision for the price of The Graph.<\/p>\n<div class=\"disclaimer-shortcode\">Featured image from The Graph, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The price of The Graph&#8217;s native token, GRT, has gained a whopping 114% in the last seven days. However, within the last few hours, the price has experienced a major correction of about 23%. After trading for $0.2322 at one point, GRT is trading at $0.1871 as of press time. While the hype around AI tokens continues to dominate the cryptocurrency market, the correction could be due to a token unlock from The Graph. According to on-chain analytics service Lookonchain, The Graph Governor unlocked 36.8 million GRT and sent 18 million of them to Coinbase. As the graph below shows, almost every time GRT reached a local top since mid-December, a transaction was sent to Coinbase. The analyst writes: The Graph unlocked 36.8M $GRT($7.35M) and sent 18M $GRT($3.6M) to #Coinbase 7 hrs ago!\u00a0And graph.eth has been transferring $GRT to #Coinbase at price highs almost every time since Dec 15, 2022.\u00a0The price of $GRT increases by ~60% today. How High Can The\u00a0 Price Of The Graph (GRT) Rise? Since the beginning of the year, GRT has skyrocketed a whopping 240%. However, like most altcoins, GRT is still 93.4% away from its February 2021 all-time high of $2.84 &#8211; which leaves a lot of potential upside. For the moment, however, a short break from the fabulous rally seems appropriate on the occasion of the token unlock. With an RSI of 77, the price is still in the overbought zone on a daily basis despite the drawdown. Related Reading: SingularityNET (AGIX) Shows No Signs Of Stopping, As AI Crypto Blows Up 923% But since Google has also announced in an official blog post that it intends to present its in-house chat AI &#8220;Bard&#8221; as soon as possible, an end to investors&#8217; interest in AI projects is not to be expected in the near future. And also from a chart perspective, the GRT price still offers room for a trend continuation towards the level between $0.30 and $0.35. To confirm its uptrend, the GRT price should first stabilize above the 23.6% Fibonacci, which is also matched by a strong support zone at $0.1691. A retest of this level seems likely before The Graph can resume its rally. Then, the 38% Fibonacci retracement at $0.24 comes into focus. If the bulls continue to hold the trigger, the upward movement could extend to the area around $0.30. This is a crucial resistance level from May 2022, when the price fell sharply due to the Terra Luna collapse. Related Reading: AI Crypto Fetch.ai Shoots Up 250%, Catches More Investors\u2019 Attention If the bulls continue to have the upper hand, the 61% Fibonacci level at $0.36 would be of great importance. At the current price, this would already mean a renewed doubling of the price. The long-term target is likely to be the $0.55 level from early April 2022. In a bearish scenario, the GRT price breaks through the important support at $0.1691. In this case, the bears could push the price down to the breakout level at $0.13. This would then be a key trend decision for the price of The Graph. Featured image from The Graph, Chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":519023,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10151,87796,87795],"class_list":["post-519013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ai","tag-grt","tag-the-graph"],"acf":[],"yoast_head":"\n<title>AI Token The Graph Sees Correction, Next Price Targets<\/title>\n<meta name=\"description\" content=\"The price of The Graph (GRT) has jumped a whopping 114% in the last seven days. 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