The Graph (GRT) cleared its breakout point $0.235. It needs 8 daily candles above $0.235 for a formal breakout confirmation.
Related – AI Coin With 5x To 8x Upside Potential In The Fast Growing Space Of AI Tokens
The Graph: a leveraged play on the AI narrative
On a day like today, with Nvidia beating expectations when it comes to AI growth, we observe positive reaction in the price of many AI coins.
While The Graph may be an Analytics & Big Data token, it is increasingly involved integrating AI in their analytics functionalities a explained here The Graph, Known as ‘Google of Web3,’ Plans AI-Assisted Querying.
The “New Era” roadmap outlines one of the biggest upgrades for the project since a $50 million fundraising last year.
A new roadmap. A New Era of The Graph 🗺️
The Graph’s new roadmap introduces a bold and transformative vision for the future of The Graph! The new R&D roadmap details an expansion of The Graph’s ability to serve web3’s growing demands for data access, while better serving… pic.twitter.com/PtdBLZeBkx
— The Graph (@graphprotocol) November 7, 2023
The Graph (GRT) breakout almost confirmed
AI coins are set to outperform most of its peers in the crypto universe.
We believe most tokens will have an average performance in the coming months, with some tokens doing unusually well. First and foremost, AI coins are expected to outperform their peers.
Related – The Crypto Bull Market 2024 Is Here. It’s An Hidden Bull Market.
With last week’s kick off of alt season 2024, we want to stay focused on a handful of tokens, The Graph being one of them.
The chart of The Graph (GRT) says it all:
- A double top breakout, breaking through resistance at $0.235.
- First upside target $0.365.
- Once $0.365 will be cleared, which might not happen with the first attempt, it should be able to move to the $0.50-$0.80 area.
- Long term, we see $1.33 as a higher target, presumably to be hit in 2025.
When will the breakout of The Graph (GRT) be confirmed? Once it prints 8 daily candles without touching the breakout level $0.235.
The Graph (GRT) bullish chart reversal
Do we believe that The Graph (GRT) will continue its rise, and confirm its breakout?
Yes, we do.
Why?
Because the chart pattern is bullish. We would argue, The Graph (GRT) has a very bullish chart pattern which justifies a breakout confirmation.
The pattern we observe is a cup-and-handle type structure, combined with a W-reversal. It’s a unique pattern, clear, clean, making it very powerful.
Source – Tradingview
The Graph (GRT): to buy or not to buy
One important thing to consider is the impact of excitement on decision making.
While The Graph (GRT) has lots of upside potential, it certainly does not offer the best entry point.
Is it too late to enter? Probably not.
It is a great entry? Certainly not.
In our premium crypto service, we alerted our members about The Graph on Nov 4th, 2023, when GRT was trading at 0.11650:
The Graph (GRT) – large cap token. Below is the chart of GRT, an absolute beauty. As seen, following the big advance in Jan/Feb of this year, we got a giant bull flag. GRT is working its way higher, breaking out from its bull flag structure. The higher targets are 0.205 and 0.24, followed by 0.355.
This is the chart from back the, as you can see a bull flag breakout was occurring at $0.11. Now THAT was a great entry point.
We also mentioned on Sept 8th, 2023, when GRT was trading at 0.08755:
The Graph, playing in the league of ‘AI & Big Data tokens’, is consolidating near its June lows. The trendless state is great, top our list, especially as the reward rate for those want to stake this token is close to 10%. Ideally, as said before, you stake free tokens, this will give you a double leverage effect over the long term, especially once the next bull market accelerates.
Members who took a position in The Graph (GRT) are now holding ‘free tokens’ – they were able to retrieve the principal amount and pivot to other tokens that are breaking out.
Want to be alerted about top coins well before they make it into the media? You may want to consider our premium crypto research service.
Irrespective of the exact entry point, we like The Graph a lot, even at current levels. But don’t forget to get your principal out of your position once its price doubles. Good investor practice is to de-risk positions.
