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The GRT graph’s price rises by 12%: Will AI-enthused whales drive additional expansion?

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The GRT graph’s price rises by 12%: Will AI-enthused whales drive additional expansion?

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Briefly, the price of The Graph (GRT) has increased by 12% over the past seven days as the crypto AI craze returns.
The Whales’ bullish behavior is to blame for the recent price boom.
Because demand for GRT is rapidly outpacing supply, GRT may see further gains in the coming days.

 

Since hitting a local low of $0.11 on May 11, 2023, the price of the Graph (GRT) has increased by 18%. According to on-chain data, crypto whales’ bullish behavior has been crucial to the GRT price rise.

In the crypto-AI subsector, one of the most prominent projects is The Graph (GRT). GRT has been drawing the consideration of crypto whales over the course of the last week.

According to exchange order books, bullish whales are influencing other strategic factors to accumulate GRT. How is it that this could affect The Chart cost before long?

 
 

 

 

 

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Crypto Whales Are Stacking Up GRT

Crypto whales have resumed taking long positions on GRT after selling for weeks. This appears to have played a significant role in the ongoing price rise.

The graph provided by Santiment demonstrates that crypto whales with balances ranging from 10 million to 1 billion GRT tokens have substantially increased their holdings. Between May 23 and May 31, they added 70 million GRT tokens to their possessions.

 

GRT tokens to their holdings.

It would appear that major institutional investors have resumed to subscribe to the hype in light of the upbeat outlook for the crypto AI sector.

The crypto whales’ new investment is approximately worth $9.3 million at current market prices.

Moreso, crypto whales wield significant influence in the blockchain space. This whale accumulation frenzy could convince other investors to become bullish themselves.

 

 

Demand for GRT Has Outpaced Market Supply

Additionally, bullish traders have begun to increase demand for GRT. The total number of buy/sell orders placed by GRT holders across various cryptocurrency exchanges is depicted in the Exchange on-chain Market depth chart.

Currently, orders to purchase 29.3 million GRT tokens have been placed by GRT holders. In the meantime, only 22.9 million tokens have been offered for sale by sellers.

At the point when request surpasses market supply, contest increments and comes down on the resource’s cost. As of now, there is a stock lack of 6.2 million GRT. The GRT price is likely to rise as buyers raise their offer to outbid rivals.

In conclusion, further price increases for GRT may occur in the coming days as a result of the glut of whale transactions and the lack of supply across exchanges.

 

 

GRT Price Prediction: The Target Shifts to $0.18

The GRT price may rise to $0.18 in the coming days due to the bullish sentiment among whale investors.

Notwithstanding, IntoTheBlock’s Worldwide In/Out of The Cash Around Value (GIOM) information recommends that GRT will confront its underlying significant opposition around $0.15

13,220 investors who purchased 638 million GRT at an average price of $0.15 could mount a sell-wall, as will be discussed below. However, the price may fall further toward $0.18 if the expected bullish momentum holds.

Then again, the bears could discredit the bullish The Chart cost forecast in the event that GRT out of the blue dips under the basic $0.10 support zone.

However, the drop will probably be stopped by the 9,740 investors who purchased 1.52 billion GRT at an average price of $0.10. GRT could retrace further toward $0.08 if that support level is broken, which is unlikely.

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