Hundreds of millions of dollars in Bitcoin (BTC) and other cryptocurrencies were liquidated from the markets after the Federal Reserve raised interest rates. According to data from market intelligence firm Coinglass, in the past 24 hours, $359 million in crypto was sold off. The liquidation was likely caused by the Federal Reserve raising interest rates […]
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An Ethereum (ETH)-based privacy-centric altcoin project is getting a boost from crypto whales making massive under-the-radar transactions, on-chain data shows. According to blockchain tracking firm Lookonchain, crypto whales have been driving up the price of MASK token, helping it achieve its parabolic rallies over the past week. Mask Network is a project that allows social […]
The post Whales Quietly Boosting Ethereum Altcoin That Exploded 114% This Week: On-Chain Data appeared first on The Daily Hodl.
Crypto analytics platform Santiment says that one key metric is flashing buy signals for several altcoins. In a new update, the market intelligence firm says that the Market Value to Realized Value (MVRV) ratio is giving investors interested in altcoins the chance to purchase them at an opportune time. “If you have been awaiting the […]
The post Three Under-the-Radar Ethereum-Based Cryptos Among Altcoins Currently in the ‘Opportunity Zone’: Santiment appeared first on The Daily Hodl.
A popular crypto analyst says one under-the-radar Ethereum (ETH)-based altcoin is about to go on a massive run. The pseudonymous analyst Smart Contracter tells his 220,200 Twitter followers that Mask Network (MASK) is setting up for a surge following a correction, after forming a three-wave pattern labeled as the A-B-C wave of the Elliott Wave theory. […]
The post Analyst Predicts New All-Time High for One Ethereum-Based Altcoin, Updates Outlook on BTC and ETH appeared first on The Daily Hodl.
GRT has turned technically overbought, but its long-term potential remains skewed to the upside, thanks to healthy network fundamentals.
The Graph (GRT) price slipped on Feb. 8 alongside a broader correction across the top crypto assets.
GRT price plunged nearly 14.5% intraday to $0.18, showing signs of short-term upside exhaustion after rising over 200% earlier in the year. At its sessional high, the token was changing hands for $0.23 on Feb 7, its highest level in nine months
Buy flocked into the GRT market amid a relatively stronger risk-on mood, led by the Federal Reserve's slower interest rate hikes and a strong recovery witnessed in the Bitcoin (BTC) market, which typically influences altcoins into tailing the trend.
The GRT price rally also accompanied similar gains across data management platform tokens. This sector's market capitalization doubled so far in 2023, with Ocean Protocol (OCEAN), Mask Network (MASK), and Band Protocol (BAND) recording over 200%, 100%, and 60% gains, respectively.
The impressive GRT price rally has left The Graph as technically overbought, according to its daily relative strength index (RSI) indicator.
Notably, the daily RSI has exceeded 70, which traditional analysts consider an "overbought" signal. This typically leads to upside exhaustion, followed by consolidation or a significant price correction.
In either case, GRT's overbought status risks plunging its price by 30% in the next month to $0.13, a support level from the May-June 2022 consolidation session. The line also appears near the GRT/USD pair's 200-day exponential moving average (200-day EMA; the blue wave) near $0.11.
Nevertheless, from a fundamental perspective, GRT looks stronger due to its healthy network metrics.
For instance, The Graph recorded 66% quarter-over-quarter growth in its revenue from query fees in Q4 2022 due to the migration of subgraphs from its hosted service to the decentralized network (mainnet) in and after March 2022.
The Graph ecosystem involves two key players: on-chain API (or subgraph) developers and data consumers. Data consumers pay subgraph developers a fee to obtain data from blockchains, called query fees. This fee is paid in GRT tokens.
"Query fees should continue to increase as more subgraphs are migrated to mainnet in the coming quarters," noted Mihai Grigore, a researcher at Messari, in his quarterly report on the project, adding:
"This increase in volume may attract more key participants to the protocol as it drives profitability for existing ones."
Related: Blockchain indexer The Graph says adoption is still strong 2 years after mainnet launch
As a result, GRT's long-term bias could remain skewed toward the bulls. Moreover, independent analyst Altcoin Sherpa anticipates a strong bounce after The Graph token tests $0.13 as support.
"I'll just wait for a consolidation or dip and buy," he wrote, adding:
"You're going to look for stuff like this at .13 on lower TFs; some consolidation before another leg. Given how badly this one got rekt, I think it has more left in the tank. Insane volume."
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Two under-the-radar, Ethereum-based (ETH) altcoins are surging this week while much of the crypto market tracks sideways. Mask Network (MASK), a project that aims to bring Web3 features to social media platforms like Twitter and Facebook, is trading at $3.97 at time of writing. The 119th-ranked crypto asset by market cap is up by more […]
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A widely followed crypto analyst is updating his outlook on Bitcoin (BTC) and weighing in on the price-exploding Mask Network (MASK). The pseudonymous analyst known as Altcoin Sherpa tells his 186,300 Twitter followers that BTC may chop around the $20,000 price level for quite some time. He says, based upon the support at several critical […]
The post Crypto Trader Updates Outlook on Bitcoin and Ethereum-Based Altcoin That’s Exploded Over 350% in One Week appeared first on The Daily Hodl.
A low-cap altcoin is surging on the heels of an announcement from crypto giant Binance. The leading exchange says it’s launching a new perpetual contract called the Bluebird Index. The index tracks the prices of Binance Coin (BNB), Dogecoin (DOGE) and Mask Network (MASK), allowing up to 25x leverage. The announcement sent the price of […]
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