After increasing by more than 200% earlier in the year, the price of The Graph (GRT) fell by roughly 14.5% throughout the course of a single trading day, reaching $0.18. This action displayed symptoms of short-term upward fatigue.
On February 7, the token reached its sessional high of $0.23, which was also the highest level it had achieved over the last nine months. At the time of this publication, one token is equal to $0.17. Now, a well-known cryptocurrency expert has expressed extremely bullish sentiment toward the Ethereum-based token.
GRT to Spike by Over 500%
James Mullarney, who hosts the cryptocurrency-focused YouTube channel InvestAnswers, បានព្យាករណ៍ that the price of GRT may increase by around 521% from its present level during the subsequent bull market.
Mullarney thinks that during the next bull run, The Graph might trade for more than $1. He went on to say that this may begin in one year and five months, one year and 14 months, or one year and a half from now. In addition, he said that investors should refrain from investing their money on the blockchain data indexing system token due to the fear of missing out (FOMO).
“The Graph took a huge run. It’s gone up to 3x in a very short window of time. It’s coming back off of that euphoria as with all the other names going up 800%, 900%. So not financial advice, but sit tight. Don’t kind of FOMO in.”—James Mullarney
Is GRT Overbought?
The Graph is now considered to be technically overbought, according to the daily relative strength index (RSI) indicator, as a result of the remarkable price rise seen in GRT.
Interestingly, the daily RSI has beyond 70, which is seen as an indication of overbought conditions by conventional market watchers. This often results in a depletion of the potential for further gains, which is then followed by either consolidation or a large market correction. Therefore, there is a very high possibility that Mullarney’s prediction will become a reality.
Source: https://coinpedia.org/altcoin/top-expert-predicts-a-500-surge-for-the-graph-grt-1-target-insight/