Why is The Graph up by more than 14% today?
GRT, the native token of The Graph ecosystem, is up by more than 14% over the past 24 hours.
The cryptocurrency market has been recovering from its recent slump, up by less than 1% over the past few hours.
The total cryptocurrency market cap remains above $1.7 trillion but could soar higher if the bulls continue to dominate.
Bitcoin, the world’s leading cryptocurrency by market cap, is up by less than 1% so far today and is edging closer towards the $40k resistance level. Ether has added more than 1% to its value and now trades above $2,600 per coin.
GRT, the native token of The Graph ecosystem, is up by more than 14% since the start of the day, making it the best performer amongst the top 50 cryptocurrencies by market cap.
At press time, GRT is trading t $0.4272 per coin and could rally higher if the positive momentum is maintained.
The Graph said it supports the transfer of subgraph ownership using nonfungible tokens (NFTs). This new feature enables decentralised autonomous organisations (DAOs) and teams of developers to strengthen collaboration and more easily iterate when building out their subgraphs.
Key levels to watch
The GRT/USD 4-hour chart is bullish at the moment as the cryptocurrency has been rallying over 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 of 78 shows that GRT is currently in the overbought region and could rally higher soon.
If the bulls remain in control, GRT could surpass the first resistance level at $0.4985 before the end of the day. However, the resistance level at $0.546 should limit further upward movement in the short term.