Graph (GRT) price is seeing some recovery as the artificial intelligence (AI) token market rises ahead of Nvidia’s 1Q24 earnings report.
Nvidia Earnings and Price Outlook for AI Tokens
As Invezz highlighted today, sentiment around the chipmaker’s long-awaited earnings report has seen crypto tokens such as Render and Akash Network soar.
Nvidia reported after the markets closed Wednesday.
The company’s stock price rose 7% in pre-market trading on Thursday, and a new wave of buying pressure is building for Bittensor (TAO) and AIOZ Network (AIOZ) and The Graph (GRT).
The price of the graph increases during the Sunrise upgrade program
Indexing Protocol The chart is one of the tokens that turned green last week as Bitcoin and Ethereum prices rose.
GRT’s gains, however, stem from the positive response to The Graph’s Sunrise Upgrade Program, which recently launched with 4 million GRT tokens earmarked for participant rewards.
Graph’s price rose more than 18% last week and is up 3% in the last 24 hours ahead of Nvidia’s first-quarter earnings. The potential crypto rally in the context of a possible SEC approval of the first spot Ether ETF in the US could also catalyze parabolic gains for GRT.
The price chart: key levels to watch
The Graph token currently trades around $0.3519. According to CoinGecko, the 24-hour range is $0.3311 to $0.3558, while GRT has traded between $0.2969 and $0.3542 over the past week.
A look at the GRT price charts also shows that the token traded as low as $0.21 in mid-April and has struggled to break above $0.32 on multiple occasions over the past month.
The price of the chart on the daily chart. Source: TradingView
Compared to current levels, this places the key areas to watch on the downside at $0.3 and $0.21. The current price is above the 20-day and 50-day exponential moving averages, which could provide strong support above the horizontal line.
The Relative Strength Index (RSI) on the daily chart is also rising but does not extend into overbought territory. This suggests buying pressure for GRT, a prospect also suggested by the Moving Average Convergence Divergence (MACD).
If the bulls can break out of the $0.35 resistance zone, they can aim for $0.5 and $0.7. The psychological $1 level remains the primary near-term target.
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