- The GLM coin has experienced a decline of 0.92% and is currently trading at $0.1752.
- In the wider outlook of the chart, the sellers have dominated the price since the launch of the coin.
The Golem (GLM) network was launched on 10 April 2018. It is a decentralized computation network that provides redundant computing power for those who need it. It provides a peer-to-peer network for the users to buy and sell computation.
Golem (GLM) Coin: Technical Analysis
In the last 24 hours, the GLM coin’s price declined by 0.92%. The Current trading value of the coin is $0.1752. With a 24-hour trading volume of $9,298,735 which shows an increase in the volume by 246.86% since the last trading session. The current market capitalization of the coin stands at approximately $226,830,112. Additionally, the coin has a circulating supply of 104,755,842 QTUM coins.
Technical Analysis On 1-Day Timeframe
Since the initial coin public offering (IPO) of the coin it has been in a downtrend. In the wider outlook of the chart, the price has strong resistance to the trendline forming above. It has a strong support level of $0.1579 which is preventing the price from falling.
The price is currently trading in a range of $0.1819 to $0.1579 after a fall of more than 30% because of the strong selling pressure. In the last two trading sessions, the price has formed a strong bearish candle at $0.1819 reflecting the seller’s presence at that level.
If the GLM price gives a breakout of $0.1819 then the price may be seen rising to the trendline forming above. If it also breaks above the trendline then it may reach its resistance level at $0.2281. However for the price to continue its bearish rally it should close below $0.1579 then it may fall to $0.1400.
Technical Indicators On The Current Trend
The GLM price has recently faced resistance from 50 and 100 EMAs, indicating the seller’s dominance over the price as of right now.
The relative strength index has crossed below the 50-RSI level and is sloping in a downward direction. This indicates the sellers are currently in control and have more space on the downward side to make the price fall.
Conclusion
Overall, the chart of the Golem (GLM) coin is bearish. The coin price is trading in the range of $0.1819 to $0.1579. If the coin price gives a breakout of $0.1819, it may be seen rising to the trendline forming above. If it also breaks above the trendline, it may reach its resistance level at $0.2281. However for the price to continue its bearish rally, it should close below $0.1579 then it may fall to $0.1400.
Technical levels
Resistance Levels: $0.1819 and $0.2281.
Support Levels: $0.1579 and $0.1400.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.