The post The Graph Major Announcement Today: GRT Whales Sell on High Impact News Fueling Further Price Correction appeared first on Coinpedia Fintech News
After an impressive 60 percent rebound in the past four weeks, The Graph (GRT) price has reached a notable resistance zone, fluctuating between 16 and 22 cents on Tuesday. It is currently trading around $0.1411 during the early Asian market hours.
This resurgence signifies a macro-level recovery for The Graph, following the crypto bear market’s harsh impact in recent times. Additionally, the mid-cap altcoin is on the verge of recording a daily golden cross between the 50 and 200 Moving Averages (MA), with the weekly 50 MA serving as a robust support level. These factors could further bolster bullish sentiments.
Whale Activity: GRT Whales Liquidate Amid Upcoming Announcement
A big announcement is coming
Mark your calendars — Nov 7th!
The Graph is entering a new era. Are you ready? pic.twitter.com/tX1m5sDUvh
— The Graph (@graphprotocol) November 3, 2023
Amid the possibility of a correction before a bullish continuation, whale accounts holding between 10 million and 100 million GRT units have initiated a significant sell-off, dumping approximately 180 million coins, valued at approximately $27 million, in the past 24 hours.
This accelerated whale sell-off coincides with reports suggesting that The Graph protocol is on the brink of making a significant announcement, ushering in a new era.
Having accumulated significant holdings in the past year, GRT whales have opted to secure modest profits, potentially prompting smaller holders to follow suit. This move aligns with the timeless trading strategy of “buy the rumors and sell on the news.”
Market Outlook: The Graph Gains Institutional Interest
As a utility blockchain project, The Graph has recently attracted prominent institutional clients, reflecting the growing adoption of cryptocurrencies in mainstream markets. At the time of this report, The Graph boasts a market capitalization of approximately $1.3 billion and an average daily trading volume of around $303 million.
#PriceAnalysis [Source: Coinpedia]