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Why is The Graph up more than 14% today?

 


GRT, the native token of The Graph ecosystem, is up more than 14% in the last 24 hours.

The cryptocurrency market has recovered from its recent plunge, up less than 1% in the past few hours.


The total cryptocurrency market cap remains above $1.7 trillion but could rise further if bulls continue to dominate.


Bitcoin, the world's leading cryptocurrency by market cap, is up less than 1% so far today and is nearing the $40,000 resistance level. Ether has increased in value by more than 1% and is now trading above $2,600 per coin.


GRT, the native token of The Graph ecosystem, is up more than 14% since the start of the day, making it the best performer among the top 50 cryptocurrencies by market cap.


At the time of writing, GRT is trading at $0.4272 per coin and could surge higher if the positive momentum continues.


The Graph said it supports transferring ownership of subgraphs with non-fungible tokens (NFTs). This new capability allows decentralized autonomous organizations (DAOs) and development teams to increase collaboration and iterate more easily when building their subgraphs.


Important levels at a glance

The GRT/USD 4 hour chart is bullish at the moment as the cryptocurrency has been rising for the past 24 hours. The technical indicators show that GRT is currently performing excellently.


The MACD line is above the positive zone thanks to the ongoing rally. The 14-day RSI from 78 shows that GRT is currently in the overbought territory and could soon move higher.


If the bulls remain in control, GRT could surpass the initial resistance level at $0.4985 before the end of the day. However, the resistance level at $0.546 should limit further upside in the short-term.

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