GRT Market Signals 12% Drop: Is A Turnaround Possible?
August 02 2024 - 4:20AM
NEWSBTC
GRT’s current situation mirrors the bearishness the broader market
is experiencing. Today, the total market cap shows a percentage
slip, due to the major cryptocurrencies returning to levels that
investors can sustain. On the altcoin side, GRT is one of the
tokens that were hit hard by the bears. Related Reading: Crypto
Watch: Why Today’s FOMC Meeting Is The ‘Most Important Of Your
Life’ According to CoinGecko, the token is down nearly 12% since
last week, showing exaggerated losses in the face of continuous
downward pressure. Although the token’s performance within the
market leaves much to be desired, The Graph devs are brewing
something around the corner that might turn the tide. More Web3
Data To Be Serviced By The Graph The Graph recently released a blog
post about their plans to introduce new tools for indexers, further
building up the platform’s capability to handle data. They are
introducing two specialized tools to help grow the platform’s
ecosystem namely Firehose and Substreams. The upgrade is part of
their New Era roadmap, a path that was laid in late 2023, providing
developers, users, and investors a transparent look at where The
Graph is headed. The two new tools provide different levels of data
stream to indexers. Firehose will provide real-time data which
enhances “the immediacy and responsiveness of blockchain data
access.” It’ll help apps access data quickly, reducing latency thus
improving user experience. On the other hand, Substreams is more
accurate, giving developers the ability to pick and choose the data
needed for their applications. This will improve data retrieval as
their systems won’t need to scour the database for its specific
data needs. The two tools will serve the platform’s data servicing
niche, providing developers the flexibility of choosing whether
they want a real-time stream of data or a select, more specialized
access to specified data sets. This improvement would largely
benefit the platform’s push to grow its artificial intelligence
base. Last May, the platform announced the deployment of Agentc, a
“ChatGPT-like tool” built on top of The Graph’s Uniswap data. More
Pain Ahead? More pain around the corner awaits investors with the
bears having a chokehold of the GRT market. With the major
cryptocurrencies also struggling to keep their ground within more
suitable levels, the altcoin market will fall more within the early
weeks of the month. Related Reading: Render Continues To Flash Red
In All Timeframes – What’s Going On? The grip GRT bears have on the
market will last as long as market conditions continue to favor
selling. A breakthrough on $0.1715 line will make the situation
much worse which might turn the situation into a firesale. GRT
bulls should then attempt to hold on to this line as any further
gains by the bears will mean a possible reversion back to
mid-February levels. Featured image from Asia Crypto Today, chart
from TradingView
Dexe (COIN:DEXEUSD)
Historical Stock Chart
From Nov 2024 to Dec 2024
Dexe (COIN:DEXEUSD)
Historical Stock Chart
From Dec 2023 to Dec 2024