After being a victim of capitulation in May, The Graph [GRT] has continued to struggle. It all started with a hefty price fall from $0.34 to $0.12 between 5 May and 12 May.

Despite a good recovery for many cryptocurrencies to surge above May levels, GRT did not concur to another three-month high. In June, it went further down to $0.09. Interestingly, GRT gave its investors some glimmer of hope in July—surging from $0.08 on 13 July to $0.14 on 30 July.

However, GRT seems to have returned to its old uninspiring ways. In the last 24 hours, it recorded an 11.44% dip to $0.11.

The current GRT state appears to be unwilling to a price increase. According to Santiment data, GRT’s volume decreased sufficiently between 31 July and today (2 August). As of yesterday (1 August), it was 126.61 million. At press time, GRT volume had fallen to 71.95 million.

Additionally, the thirty-day MVRV ratio has not been impressive either, reflecting an 11.26% drop over the last 24 hours.

Source: Santiment

Expectedly, there has been a similar drop in market capitalization. While GRT claimed the $1 billion cap in the last week of July and held onto it till the first day in August, the present state shows otherwise.

Based on the GRT four-hour chart, there could be some consolidation for GRT investors. This is because the Chaikin Money Flow (CMF) in green could move above the zero line in favor of the buyers. Also, the On-Balance-Volume (OBV) might contrast with the CMF sentiment.

At press time, the OBV (blue) revealed a downtrend even as the price continued to move further down. This move might prove that GRT investors may lose faith in the coin with increased selling pressure.

Source: TradingView

These indicators might keep investors doubtful about the