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Graph Price Analysis 04/07: Whale’s GRT Transactions Lead to a 10% Price Drop – Investor Bites

Republished by Plato
Republished by Plato

Date:

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SNEAK PEEK

  • Whale “0xde32” deposited 6 million GRT ($776K) on Binance, causing a 10% price drop.
  • The whale also sold 750K GRT ($100K) via a different wallet on a DEX.
  • Two other whales deposited 6.8 million GRT ($886K) on KuCoin in the past 10 hours.

In the past seven hours, a whale with the address “0xde32” caused a stir in the market by depositing a substantial 6 million GRT (approx. $776K) to the Binance exchange. To further complicate matters, this whale also sold 750K GRT (approx. $100K) via another wallet on a decentralized exchange (DEX).

The impact of these transactions was felt immediately, with the price of GRT experiencing a sharp decline of nearly 10%. Despite the price drop, Whale “0xde32” still holds 3.22 million GRT (approx. $416K) in their wallet, showcasing their significant stake in the token’s value. Additionally, a substantial amount of 25.3 million GRT (approximately $3.25 million) is currently staked, suggesting strong long-term confidence in the cryptocurrency.

Notably, the situation doesn’t end with this single whale. In a parallel development, two other crypto whales made noteworthy moves. They deposited 6.8 million GRT (approx. $886K) on the KuCoin exchange just ten hours ago, indicating growing interest and activity surrounding the coin.

The Graph Price/ Technical Analysis: GRT Surges to $0.128 Following Price Recovery

The latest price analysis shows bullish market sentiment for The Graph (GRT). After dropping to a low of $0.1239, the coin’s price experienced an impressive recovery, reaching as high as $0.1431. However, the bulls faced a pullback following the whale activity, and the coin’s price currently resides at around $0.128, up 1.79% from yesterday’s closing price.

The resistance for GRT, present at $0.1431, has been a major hurdle for the coin today. The bulls will need heavy buying pressure from buyers to break this barrier. On the other hand, if the selling pressure increases further, we can expect GRT to drop below $0.1239 and reach its support levels at $0.1137 and $0.1060, respectively.

GRT’s market capitalization is $1.15 billion, with a 24-hour trading volume of $215 million. The coin is currently ranked as the 40th largest cryptocurrency in terms of market capitalization and has seen a rise today, recording an increase of 1.88%. In addition, the 24-hour trading volume has significantly surged, marking a +25.00 percent increase.

Looking at the technical picture, we can see that GRT has formed a bearish engulfing pattern on its 4-hour chart, with strong buying pressure coming in after whale activity caused prices to dip. The Relative Strength Index (RSI) has dropped from the overbought region to 65 levels, suggesting a possible trend reversal soon.

Furthermore, the Moving Average Convergence Divergence (MACD) line has seen a bullish crossover, which could indicate upward price momentum for GRT. However, the histogram is slowly reducing, indicating that the bullish momentum is weakening. The Bollinger band indicator shows that the price faced rejection at the upper band and has retreated toward the middle line.

In conclusion, GRT has experienced a volatile 24 hours, with whale activity causing significant price movements. Despite the selloff triggered by these whales, GRT is still trading in green and is expected to continue its uptrend soon if the current trend continues.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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