- The Golem crypto has witnessed higher long liquidation in the last 24 hours.
- The GLM crypto price has advanced by 43% in a year.
The Golem Network Token (GLM) serves as a payment method on the Golem Network, facilitating transactions for renting or purchasing computing power. Created by Golem Factory GmbH in 2016, it incentivizes computing power providers and is tradable on crypto exchanges. GLM enables various tasks like rendering, research, and machine learning.
The total value locked for the Golem crypto is nil as per DefiLlama, while it has a liquidity worth $8.74M. It also has a treasury of $514.93M.
The volume/market cap ratio of the Golem Network crypto is 5.16%, and its market cap value is $366.661M. Moreover, the market cap of the crypto has witnessed a decline of 7.89% in the last 24 hours.
Golem crypto’s circulating supply is 1.0B GLM, which is 100% of the maximum supply. The max supply of the crypto is not defined, and the fully diluted market cap of the crypto is $366.644M.
The all-time low price of the crypto is $0.008797, which was formed 7 years ago. Its all-time high (ATH) price of $1.25 was hit on January 08, 2018. Since hitting the ATH, the price has declined by 71%.
The market cap dominance of Golem is 0.02%, and the volatility is also very high at 12.27%. The crypto’s sentiment is bullish, and the fear and greed index indicates greed at 65.
Golem Crypto Derivatives Analysis
Golem Network crypto has been witnessing higher long liquidations over the last few weeks, indicating the dominance of sellers. Furthermore, the derivatives traded volume for the crypto has seen a decline of 14.17% in the previous 24 hours.
Also, in the last 24 hours, the crypto has witnessed higher long liquidations worth $13.42K against the short liquidation of $5.81K. The open interest in the crypto has further declined by 11.57%.
Social Dominance Vs Twitter Followers Vs Development Activity
The GLM crypto community has a very low number of Twitter followers, further resulting in a decline in crypto social dominance. Despite this, the development activity in the Golem Network is consistently advancing, which might lead to further blockchain updates in the future.
GLM Crypto Technical Analysis
GLM crypto price has formed solid bearish patterns on the daily chart, which is further followed by the formation of the lower low swings on the chart. Moreover, the price of the GLM crypto has broken below the crucial change of character level, which has led to a strong bearish trend.
The price of the crypto currently is taking support at demand zones, but the current price action shows a higher probability of a breakdown in price.
GLM/USD Chart by TradingView
The 20-day and the 50-day EMAs overlap each other, and the price of the GLM crypto has declined to the 200-day EMA, which is currently taking support at the same time. The price might witness further decline if it fails to sustain above the 200-day EMA.
The MACD and the signal line have declined below the zero level, and both metrics are trading in a bearish cross. The MACD is currently trading at -0.0383, and the signal line is trading at a level of -0.0150.
The RSI of the crypto has declined below the 50-level and the 14-day SMA. Also, the RSI is currently trading at the level of 35.78, which presents bearish momentum in the crypto’s price.
Summary
The Golem Network Token faces a solid bearish trend, evidenced by bearish candle patterns and lower lows on the daily chart. Despite a slight year-over-year price increase, the current scenario suggests potential breakdowns. GLM’s derivatives indicate higher long liquidations, while social dominance wanes despite ongoing development activity.
Technical Levels:
- Support levels: $0.1980 and $0.3190
- Resistance levels: $0.6350 and $0.7220
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.