GOLEM PRICE ANALYSIS : WILL GLM REACH $0.3 IN THIS YEAR?

• Golem announces its own JavaScript library.
• It is currently trading at $0.17 with a rise of 0.36% in the last 24 hours.
• The token is down from its all-time high by 86.05%.

The Golem network has launched its own JavaScript library. The goal of this release is to address bugs, improve performance and amplify the development experience for both the requesters and providers.

The Golem Network is a decentralization computation network. It creates a peer-to-peer network where users join to buy and sell the computation. GNT or golem network token is used to pay for the computations on the network.

It is currently trading with an increase in the trading volume by 31.78% in the last 24 hours.

The token marked its all-time high on 8th Jan 2018 where a single GLM token was priced at $1.25.

1. The present market of the token is $174.14M.
2. The total circulating supply of 1B GLM tokens is currently circulating in the market.

SENTIMENT ANALYSIS : 

The total market volume of the token has increased by 47.01% in the last 1 week. The total social engagements have declined by 69.77% , the total bullish sentiments decreased by 69.23%. The short term sentiments of the token are indicating towards a bearish move.

TECHNICAL ANALYSIS : 

As we can see in the chart, The price was trading on a bullish trendline and after making some higher highs, the price got rejected from the $0.228 but the wicks of the candles got up till $0.315. 

After the price made a high of $0.315 on 8th Aug 2023 the price got rejected from the resistance of $0.228, the price broke below the bullish trendline and also broke below the support of $0.18 which is now acting as a resistance for the price.

The price is currently trading between the levels of $0.15 and $0.18. The price tried to break the resistance of $0.18 two times but got rejected and in the third time it is again getting rejected but the volume is also increasing so this time it may be a trap and in the next candle the price might break the resistance and move upwards.

Relative Strength Index ( RSI )

The line of RSI is currently moving at 51.57 points and the SMA 14 line is moving at 47.71 points. The RSI is above the neutral level by just 1 point and the RSI is indicating a fall below the neutral level from where the price might become bearish. If the price sustains above the neutral levels then we can see some positivity in the price levels.

Moving Average Convergence/Divergence ( MACD )

In MACD, The fast blue line moving average is above the red slow line moving average and also moving above the average level 0 and the histogram is showing a surge in the volume. The MACD is indicating a bullish move as the volume of the token is getting increased.

GLM LIVE CHART : 

CONCLUSION : 

The trading volume of the token is increasing, the buyers have to be dominant to keep the price up as we are getting rejected again from the same resistance third time. The break of the resistance of $0.18 will be bullish for the price. 

Also, if we get rejected we will fall again to the support level of $0.15.

TECHNICAL LEVELS : 

SUPPORT : $0.15

RESISTANCE : $0.18, $0.22 AND $0.26

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.