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As the AI crypto craze picks up again, The Graph (GRT) price is up 12% in the last seven days. The recent price surge is notably due to an accumulation of crypto whales. How high can the price of the TSO go?
Graph (GRT): towards the start of a bullish rally?
The Graph (GRT) is in 18% increase from its local bottom at $0.11, reached on May 11, 2023. On-chain data reveals that whale activity has played an important role in supporting the price of the asset.
The Graph (GRT) is one of the leading projects in the sector crypto AI. GRT has caught the attention of crypto whales over the past week and exchange order books suggest that they are greatly influencing the price of the cryptocurrency. In our last analysis, we explained why the price of GRT could continue to explode in February.
Crypto whales accumulate GRT
After weeks of decline, the whales have started to take long positions on GRT. Based on data from several indicators, this would have played a key role in the latest price surge.
According to Santiment, whales holding balances of 10 million to 1 billion of GRT tokens increased their positions significantly. Between May 23 and May 31, they added 70 millions of GRT tokens to their holdings.
It looks like institutional investors have already bought into the hype that encompasses the AI industry. At current market prices, the last investment made by the whales is approximately 9,3 millions the dollars.
Whales wield considerable influence in the blockchain industry. This accumulation could convince other investors to become bull on the GRT.
TSO demand exceeded market supply
According to data from IntoTheBlock, bullish traders have started hoarding demand on GRT. The graph below shows an agglomerate of buy and sell orders placed on the different crypto exchanges.
Currently, buyers have placed orders for 29.3 million GRT tokens. On the other hand, sellers put up for sale only 22.9 million tokens.
When demand exceeds supply, there is upward pressure on the price of the asset. For GRT, the missing supply represents 6.2 million tokens. I’accumulation of whales and the shortage of offers on the exchanges could soon lead to a new rally on GRT.
Price prediction for GRT: the target of $0.18
With the bullish thrust of the whales, the price of the GRT could reach the 0,18 $ in the next few days. The data of GIOM from IntoTheBlock suggest that the TSO will encounter its first major resistance towards the 0,15$.
According to the data, 13,220 investors bought 638 million GRT at $0.15 and could establish a sell wall in this area. If the resistance breaks to the north and the bullish momentum continues, the price could move up to $0.18.
The bears could invalidate these predictions if GRT drops below the critical zone of the support at $0.10.
In this zone, the 9,740 investors who bought 1.52 billion GRT at $0.10 will likely halt this decline. If this level breaks to the south, the GRT could retrace further to the 0,08 $.
yPredict: a good alternative in the AI sector
yPredict is a unique platform powered by AI technologies to help traders and investors in the market for cryptocurrencies. Their native token, YPRED, has reached the $1.97 million up in presale and is establishing itself as one of the hottest assets for 2023.
yPredict’s advanced technologies will allow traders to be on par with the biggest players in the market. The platform offers several exclusives such as:identification de pattern on the charts, recommendations on the technical indicators and price predictions AI-based. The platform also offers social du tradingallowing novice traders to learn from experienced traders and replicate their strategies.
Users are encouraged by the program Learn-to-Earn (L2E) of the platform, which allows them to earn YPRED tokens when they educate themselves on crypto.
YPRED is based on a model of decentralized governance, allowing users to participate in decision-making through a voting mechanism. Users can also be rewarded via YPRED staking, helping to control supply and increase the price of the token.
In presale, the token YPRED buys at $0.09. Its listing price is set at $0.12, which is a potential upside of 33.33 %. The selling price will increase to $0.1 in the next phase.
Crypto-assets are a risky investment.
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.
Source : Saintly, IntoTheBlock
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