GRT- further breakdown, a reflection of overall market sentiment
Short term: Bearish - note I did not put short on the chart itself, as corrections are to be expected.
Long Term: Bullish. Very very Bullish.
The Graph announced some huge news recently, that it would now include support for 4 MORE BLOCKCHAINS! Currently, it has made its way to $3 and down to over $2, with just handling Ethereum blockchain itself.
The news that it will take on 4 more blockchains, is very bullish, and eye opening. Some people misunderstood that it was only on one blockchain to begin with, some people are elated to see the popular Polkadot Network as part of the 4.
However, the price did not react to this. And I believe it is overall sentiment of the market.
Bitcoin is currently reaching new highs, and we should see a peak soon, as the structure of Bitcoin breaks down slightly. The weakened Bitcoin should be able to reach above 60k, but is in danger of correcting. A Correction is completely normal, but it implies that the Altcoins will also dip, and this affects GRT.
I think a correction is necessary, to promote a healthy future growth. When the Altcoins corrected, we never really made it all the way down to the 50% fibonacci retrace, and may still have some room to drop. Once this does, I would expect consolidation til the end of February, and a big launch of Alts after.
Long Term: Bullish. Very very Bullish.
The Graph announced some huge news recently, that it would now include support for 4 MORE BLOCKCHAINS! Currently, it has made its way to $3 and down to over $2, with just handling Ethereum blockchain itself.
The news that it will take on 4 more blockchains, is very bullish, and eye opening. Some people misunderstood that it was only on one blockchain to begin with, some people are elated to see the popular Polkadot Network as part of the 4.
However, the price did not react to this. And I believe it is overall sentiment of the market.
Bitcoin is currently reaching new highs, and we should see a peak soon, as the structure of Bitcoin breaks down slightly. The weakened Bitcoin should be able to reach above 60k, but is in danger of correcting. A Correction is completely normal, but it implies that the Altcoins will also dip, and this affects GRT.
I think a correction is necessary, to promote a healthy future growth. When the Altcoins corrected, we never really made it all the way down to the 50% fibonacci retrace, and may still have some room to drop. Once this does, I would expect consolidation til the end of February, and a big launch of Alts after.
Comment:
Comment:
We should be able to shoot for this area - to look for a reversal again if it were to turn around:
We are not out of the woods yet, but again - don't worry or panic if things get really low. 40% is NORMAL in crypto. And we got about 6 more 40% dips by the end of the year to go through.