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GRT is one of the best performers amongst the top 100 cryptocurrencies by market cap today.
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The coin rallied after The Graph Network launched on Arbitrum.
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The broader crypto market has added $200 billion to its market cap in the last 24 hours.
GRT soars after The Graph’s launch on Arbitrum
GRT, the native token of The Graph Network, is one of the best performers amongst the top 100 cryptocurrencies by market cap today.
The rally comes after The Graph team announced on Tuesday that The Graph Network can now be accessed via Arbitrum.
The Graph is scaling on L2. Starting today, you can access The Graph Network on @arbitrum! 🧑🚀
Operating the protocol on Arbitrum One means lower gas fees, faster transactions & easier participation in The Graph Network 🌐
Wondering how to get started & what’s next? 🌱 pic.twitter.com/MM1ZucQ0Es
— The Graph (@graphprotocol) February 14, 2023
According to the The Graph team, operating the protocol on Arbitrum One means lower gas fees, faster transactions and easier participation in The Graph Network.
This latest cryptocurrency news has led GRT, the native coin of The Graph network, to rally by 16% in the last 24 hours. At press time, the price of The Graph stands at $0.1701 and could rally higher over the next few hours.
The broader cryptocurrency market has also recovered from its earlier slump. The total cryptocurrency market cap now stands at $1.03 trillion, up by more than 2% in the last 24 hours.
Bitcoin and Ether are trading in the green zone once again after underperforming earlier this week.
Key levels to watch
The GRT/USD 4-hour chart has turned bullish as GRT has been performing well over the last 24 hours. The technical indicators show that GRT could rally even higher over the next few hours or days.
The MACD line crossed into the positive zone a few hours ago, indicating a strong bullish momentum for GRT. the 14-day relative strength index of 63.77 also shows that GRT could be heading into the overbought region in the near term.
If the positive momentum is maintained, GRT could rally toward the first major resistance level at $0.18875 before the end of the day.
However, GRT would need the support of the broader crypto market to cross the $0.20 resistance level for the second time this month.