Why GRT price growing and what do GRT and ChatGPT have in common

Today we will talk about the GRTUSDT trading pair.

The downward trend in the GRT price began in February 2021, almost a year earlier than most altcoins. Because in 2021, interest in DEFi projects began to wane. The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem.

Now, interest in the DEFI sector is returning a little bit, and the volume of locked assets (TLM) is increasing, but it is hard to believe that these events provoked such a rapid growth in the GRTUSD price. Moreover, price growth on falling volumes is not okay.

No matter how ridiculous it may sound, we assume that many crypto users buy GRT because of the similarity in sound and spelling to the hype ChatGPT

And if our assumption is correct, we can congratulate all of us - the alt-season is near. In our memory, the last time it happened was in 2017, when users did not really delve into the essence of the project but bought it because it would be more expensive tomorrow.

And if we are wrong, please correct us in the comments below the idea.

As for the possible movement of the GRTUSDT price, we are more inclined to the white scenario, where the price will not be able to gain a consolidated above $0.18-0.20 and will begin a correction to the $0.11 area.

On the other hand, if the hype around GRT continues, which we don't understand, and the price is able to gain a foothold above $0.20. We don't see any strong obstacles to continuing the rapid growth to $0.39-0.40 on the chart.
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more