The Graph price is in a tight range even as the developers unveiled some upgrades to the network. The GRT price is trading at $0.6778, which is about 15% below its highest level this week. The price is about 56% above its lowest level in May.
The Graph news. The Graph is a high-tech blockchain project that creates APIs that are used by developers to simplify their activities. The project is compatible with the major blockchain projects like Ethereum, Polygon, Binance Chain, and Avalanche, among others. Using these APIs, developers can quickly search using subgraph descriptions that are known as subgraph manifest.
Once a developer comes up with a subgraph manifest, they use the Graph CLI to share the definition in the IPFS and tell the hosted service to start indexing. This week, The Graph announced new features that will help developers to discover items in an easier way. Once a curator finds a good subgraph, they will signal on it using Subgraph Studios. So, what next for The Graph price?
The four-hour chart shows that the GRT price has been in a consolidation phase recently. At the same time, the coin has formed an inverted head and shoulders pattern, which is usually a bullish signal. The coin is also at the same level as the 50-day exponential moving averages (EMA).
Therefore, there is a possibility that the coin will soon rebound. This prediction will be validated if it manages to move above the neckline at $0.7957. On the flip side, a drop below the support at $0.55 will invalidate the bearish view.
Follow Crispus on Twitter.
