GRT (the graph) Is confirming breakout from descending channel
We can see here on the weekly chart that GRT (aka The Graph) has broken up from its descending channel and price action is currently very close to the descending channel’s breakout target. Much like many other crypto assets at the moment, we can also see that that descending channel has a large flag pole attached to it as well forming a bear flag. While the descending channel has validated its breakout, it is as of now still uncertain whether or not the bearflag will confirm a bullish breakout as well and pull an inverted Bart pattern. However, CoinMarketCap’s rankings of the “most valuable AI and big data crypto projects and tokens” currently has The Graph as the leading platform in market capitalization. According to Pablo Jodar, a crypto analyst at GenTwo, “I think it is linked to the rally on AI stocks, due to the ChatGPT effect.” Consider all the hype behind AI focused cryptos at the moment this greatly increases the probability that GRT will also confirm the bullish breakout up from the bearflag and reach the higher bearflag target as well. I have posted both targets here on the chart and will update this post once each target is hit. GRT is an indexing protocol that is setting itself up to be the decentralized google for searching blockchains.
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“Semiotic were cofounded by leading experts in artificial intelligence and cryptography, and they specialize in the same AI toolkit Google Deepmind used to beat the world’s best Go player and to then solve the age-old protein folding problem. The Graph is all about data, and just as AI plays a central role in all web2 products, this partnership will contribute to the convergence of AI and the decentralized internet,” Brandon Ramirez, cofounder of The Graph and Edge & Node, said in a statement.
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1st target hit!
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GRT is not gonna be able to head towards the full bear pole target until it can solidify the weekly 50ma(in orange) as clear support. For now it hasn’t done that just yet
Under the agreement, Semiotic AI will join as a core protocol developer in The Graph’s ecosystem, which is working towards building a search engine for the decentralized internet of the future. The foundation is working to indexing blockchain protocols and the transactions recorded on the digital ledgers in a bid to establish a service that people could use to look through blockchain data. Like a decentralized google for all blockchains