Market

How Will the Graph (GRT) Price React to Investors Selling?

Published

3 months ago

July 16, 2024

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The Graph (GRT) price is recovering from multi-week lows, trading at $0.20, but this might be the extent of the recovery.

As GRT holders move to sell their holdings, the price will likely take a hit, resulting in the altcoin losing the recent gains.

The Graph Investors Like Their Profits

The rise in GRT price invoked investors’ interest in making money, resulting in the altcoin taking a hit. Signs of the same are visible upon observing the active addresses by profitability. The investors sitting in profit made up 26% of all participating investors.

Generally, these investors tend to be active only when they are seeking to book profits. Their dominance exceeding 25% is a bearish sign as it negatively impacts the price, resulting in a decline in profits or extending losses.

The Graph Active Addresses by Profitability. Source: Into TheBlock

This is the case with The Graph as well.

Further substantiating this bearishness is the actions of the large wallet holders. The top wallet holders, excluding exchanges, have sold a substantial amount of tokens in the past two weeks.

About 70 million GRT, worth $14 million, have been sold by The Graph investors as the price rose. This profit-taking continues even as the GRT price struggles to close above $0.20.

Cardano Supply Held by Top Wallets. Source: Santiment

Consequently, the altcoin could continue to hover around this support level, potentially even losing it amid the bearishness.

GRT Price Prediction: Aiming at Recovery

The GRT price is currently hovering at $0.20, attempting to flip the resistance level into support. Given that this level has been tested in the past, there is a fair chance that it could trigger a cooldown and further recovery.

On the other hand, if the selling continues, it is possible that this support could be lost. Consequently, the altcoin could slip to $0.16, wiping out all the gains noted in the last few days.

The Graph Price Analysis. Source: TradingView

But if the bounce off the support is successful, a rally to $0.26 is likely. This level marks the 23.6% Fibonacci Retracement line, and flipping it into support would invalidate the bearish thesis.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Graph GRT Investors Price React Selling

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WIF Bulls In Control As RSI Signals Strong Upside Potential

Published

59 mins ago

October 1, 2024

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WIF is showing impressive strength as bullish momentum takes control, with the Relative Strength Index (RSI) pointing to even greater upside potential. The current RSI reading suggests that buying pressure remains strong, fueling optimism for continued gains. While bulls hold their ground, they are increasingly confident that WIF could be poised for a significant breakout toward the $2.8 mark.

As market sentiment shifts favorably, this article aims to explore the bullish dominance in WIF, with a focus on how the RSI signals promising upside potential. By analyzing key technical indicators and market trends, the objective is to assess whether WIF can maintain its upward momentum and successfully break through upcoming resistance levels.

Bullish Sentiment Strengthens: Will WIF Break $2.6?

On the 4-hour chart, WIF has displayed robust bullish momentum after successfully breaking above the $2.2 mark. This upward surge has pushed the price closer to the $2.8 resistance level, setting the stage for a potential breakout.

As the bulls continue to assert control, this resistance level becomes a critical hurdle. A decisive move above $2.8 could open the door for further gains, attracting more buying interest and potentially leading to new highs.

An analysis of the 4-hour Relative Strength Index (RSI) indicates a renewed potential for upward movement, with the RSI climbing back to the 68% level after previously dipping to 62%. If the RSI continues to rise, WIF may push higher, possibly breaking through key resistance levels.

Furthermore, WIF has decisively surpassed the 100-day Simple Moving Average (SMA) and the $2.2 level on the daily chart, marking a notable shift in its price momentum. By holding above these key levels, the asset demonstrates its strength and reinforces a bullish outlook. This optimistic trajectory is not simply a temporary fluctuation. Rather, it reflects robust buying interest and heightened market confidence, suggesting that WIF is ready for additional gains soon.

The Relative Strength Index (RSI) on the daily chart is currently at 79%, showing no signs of declining in the near term. An elevated RSI level implies that WIF is in overbought territory, signifying strong buying pressure and heightened market enthusiasm. Although high readings can point to potential exhaustion in upward movement, the absence of immediate signals for a pullback suggests that bullish sentiment is still prevalent.

What To Expect In The Short-Term For The Meme Coin

Presently, WIF is demonstrating strong positive motion, prompting traders and investors to monitor key levels for potential price movements. Maintaining its position above the 100-day Simple Moving Average (SMA) and the $2.2 mark could lead to more gains, with the $2.6 resistance level on the horizon. A successful breakout above $2.6 may unlock additional price growth and enhance traders’ optimism, signaling a more sustained upward trend.

However, with the Relative Strength Index indicating overbought conditions at 79%, a price correction could occur if buying pressure wanes, causing WIF’s price to start dropping toward the $2.2 mark for a retest.

WIF

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Market

Will Sui Price Reclaim Its All-Time High?

Published

2 hours ago

October 1, 2024

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Layer-1 (L1) blockchain Sui has achieved a series of milestones over the past month. This positions its native coin, SUI, to potentially reclaim its all-time high of $2.16 in October.

The bullish sentiment surrounding the altcoin makes this even more likely. As market participants anticipate a broader market rally in October, SUI holders may pocket some gains.

Sui Network Records Growth

The surge in SUI’s Total Value Locked (TVL) is one of its most important milestones over the past month. At $1.07 billion, the L1’s DeFi TVL sits at its highest level, noting a 65% uptick in the past 30 days.

This TVL rally is a net positive for the SUI coin because the surge suggests growing confidence in Sui’s utility. As more value flows into the network, it can create upward pressure on the coin’s price. Investors often view rising TVL as a bullish signal, attracting more buyers and potentially leading to SUI price appreciation.

sui tvl — Sui Total Value Locked. Source: DefiLlama

Moreover, Sui’s TVL is anticipated to increase in October, following the mainnet launch of its Sui Bridge. The Sui Foundation announced the bridge’s launch yesterday, enabling secure asset transfers between the Ethereum and Sui networks. This development is expected to attract a new wave of users and boost liquidity on the network, which could, in turn, drive up the price of SUI.

The steady rise in Sui’s daily active addresses supports the bullish thesis for its native coin. Artemis’ data shows that the number of unique addresses that have completed at least one transaction on the Sui network in the past month has skyrocketed by 140%. As such, SUI may experience a heightened demand, driving its price to reclaim its all-time high.

Sui Daily Active Addresses. Source: Artemis

Sui Price Prediction: All-Time High Is the Next Target

SUI’s rising open interest further supports a bullish outlook. At $750 million, it has reached its highest level since January.

Open interest measures the total number of outstanding derivative contracts that have not yet been settled. A rise in open interest typically signals new capital entering the market and increased buying activity, indicating a bullish trend.

If this buying momentum continues, SUI may reclaim its all-time high of $2.18. Fibonacci Retracement readings suggest this target is attainable, as SUI has broken through key resistance levels on its way to that price.

sui price prediction — Sui Price Analysis. Source: TradingView

However, if selling pressure increases, SUI’s price could fall toward $1.11, attempting to establish it as a support floor. Failure to hold this line could result in a further decline to $0.86.

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Justin Sun Moves $21.8 Million In EIGEN Amid Token Unlock Buzz

Published

3 hours ago

October 1, 2024

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Justin Sun claimed all his EIGEN tokens from the EigenLayer liquid restaking protocol on Tuesday via five different addresses and moved them to the HTX digital currency trading platform.

EIGEN is the native token for the EigenLayer ecosystem, a leading restaking protocol on the Ethereum blockchain. This development comes amid hype over the EIGEN token listing on multiple tier-one exchanges.

Justin Sun Transfers $21.5 Million in EIGEN Tokens to HTX

Spotonchain reported the transaction, indicating that the Tron executive deposited all 5.24 million EIGEN tokens to HTX during the early hours of the Asian session. The transaction happened shortly after EIGEN debuted on major exchanges, including Binance. WuBlockchain corroborated the report.

“Justin Sun’s team has transferred 5.37 million EIGEN to Huobi HTX through five addresses, worth about $21.8 million. Based on the current price of 4.06 USDT, the EIGEN FDV is about $6.8 billion,” Wu Blockchain reported.

Crypto researcher Ai on X speculated on whether Justin Sun “is ready to ship EIGEN,” noting that it is currently unclear whether the receiving address belongs to the exchange. Nevertheless, the expert highlighted that the controversial crypto executive could make a profit of around $22.19 million if he cashed in at the current price of $4.13.

Read more: What Is Liquid Staking in Crypto?

Justin Sun Unstakes EIGEN. Source: X/Twitter

Sun reportedly received the largest airdrop of EigenLayer’s EIGEN tokens, amassing over $38.74 million in airdrops through the Ethereum Restaking track. This positions him to become the biggest beneficiary in the latest round of liquid restaking tokens (LRT), as per Ai’s report, which noted pending airdrop settlements from protocols like Puffer, Zircult, Swell, and Kelp.

Interestingly, when high-profile figures transfer significant token amounts to exchanges, it is often seen as a sign of intent to sell. While Justin Sun hints at selling his EIGEN tokens, two whales are accumulating, purchasing 702,324 EIGEN tokens valued at $2.86 million on Tuesday morning.

Specifically, one spent 588 ETH or $1.55 million to buy 383,672 EIGEN at an average price of $4.05. The other spent 1.31 million USDC to buy 318,651 EIGEN at $4.1 per token. These purchases come in time for the EIGEN token unlock.

Eigen Foundation Announces Token Unlock

The Eigen Foundation, which drives the growth of the EigenLayer ecosystem, has announced the unlocking of the EIGEN token for Season 2. This follows the opening of stake drop claims in mid-September, with the claim window running from October 1, 2024, to March 16, 2025, on the Eigen Foundation’s website.

Justin Sun’s involvement with EigenLayer isn’t new; his participation in the Season 1 airdrop in May sparked controversy. With this latest token unlock, users can freely transfer, trade, or stake their EIGEN tokens, fully engaging in the token’s utility.

EigenLayer also introduces a unique shared security system, where staked ETH serves as security for protocols beyond Ethereum. The EIGEN token plays a role in securing Actively Validated Services (AVSs), further enhancing its utility.

EIGEN Price Performance, Source: BeInCrypto

This development positions EigenLayer as a “verifiable cloud for crypto,” opening opportunities for sidechains, Oracle networks, bridges, and more. According to BeInCrypto, the EIGEN token is currently trading at $4.15, reflecting a 3.47% increase since Tuesday’s session opened.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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