The Graph continued to battle downsides following its May capitulation. The token’s deterioration emerged after a massive crash to $0.12 from $0.34 between May 5 and May 12. Though most digital coins recovered beyond May levels, GRT could not harmonize with another 3-month high. June sessions triggered more dips to $0.09.
Surprisingly, GRT enticed its enthusiasts in July with recovery hopes as the altcoin gained from July 13’s $0.08 to July 30 at $0.14. Nevertheless, GRT appears to have resorted to its uninspiring ways. The alternative token lost 11.44% within the last 24 hours to $0.11.
Not Now
The current Graph status seems unwilling to price surges. Santiment’s data shows GRT’s volume plummeted substantially between July 31 and August 2. The metric hovered around 126.61 million on August 1 before sliding to 71.85 million the following day.
Furthermore, the 30-day MVRV ratio had nothing impressive either, indicating an 11.26% slide within the past 24 hours. Expectedly, GRT noted similar plunges in market cap. Though the alt regained the $1B cap in July’s final week and maintained its till August 1, the prevailing status suggests otherwise.
Not More, Less
According to the GRT 4hr chart, The Graph could have consolidation in store for investors. That’s because the CMF (Chaikin Money Flow) in green might climb beyond the zero mark to favor buying activity. Moreover, the OBV (on-balance volume) could contrast with CMF’s sentiment.
While publishing this content, the on-balance volume displayed a downward trend even as the GRT price extended declines. This development could indicate that Graph investors might lose hope in the token amidst surged selling momentum.
These indicators could keep GRT traders doubtful about GRT’s solid fundamentals. Nevertheless, they might secure comfort in the RSI (Relative Strength Index) as the index remained neutral during this publication.
However, the RSI’s outlook could be weak to confirm uptrends in GRT, especially with exchange deposits plunging by 406% (CryptoQuant data). Still, it could be early to write off The Graph in this Q3. Market players can focus on accumulation zones for any surprise that could trigger price increases.
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