Golem Crypto Could Show A Resurgence For Higher Price Levels?

By Thecoinrepublic.com
about 1 month ago
SHOW RES GLM

Golem Network experienced a positive upward trend in the market, resulting in a significant surge in its daily chart, between February 6th, 2024, and March 3rd, 2024. The value of Golem skyrocketed from $0.2000 to $0.7800 as a result.

GLM crypto has shown strong performance over the past six months, with an increase of 83.31%. However, in the last week and month, the price has broken the uptrend from the supply level of $0.7800. This has led to a decline of -27.48% and -14.73% in the weekly and monthly charts, respectively.

However, the Golem crypto has signified a possible turnaround rally coming soon on the daily chart, as the price showed strong sustenance signs at a crucial support level of around $0.3175.

Once again, the GLM crypto may experience a significant increase. That’s because its price had previously soared from nearby to this level of support, which will push the Golem asset to higher levels from its current supporting range.

Technical Indicator’s Analysis Of GLM Crypto Price Forecast

The Golem asset is exhibiting optimistic behavior, as the MACD histogram has remained stagnant at -0.00163 in the past few sessions, indicating continued activity. The RSI is currently at 38.25, indicating the possibility of further gains, as it has turned towards the 14-SMA. 

Additionally, the Golem asset chart displays an increase in bullish strength and a higher likelihood of a price increase. If buyers enter the market, Golem’s price may exceed the important 20-day and 50-day EMAs from a lower position.

Golem crypto has seen an increase of 2.01% in the past 24 hours and is being traded at $0.3764 at this moment of writing.

Therefore, if the demand for the Golem price (GLM) increases from the current support, it could bounce back remarkably. The next target for the price could be to reach $0.4200 and $0.5000. Another possibility would be if the price value of GLM crypto fails to stay above $0.3175, it could also see a further decrease.

the Golem asset chart displays an increase by Sam_TCR on TradingView.com

Social Dominance

The social dominance sentiment is an indicator of the increasing or decreasing acceptance of Golem crypto among the users. The social dominance chart displays a positive trajectory over the period. 

Looking precisely, the crypto saw a rising interest in the users about the GLM crypto in the short term. 

The increasing social dominance may also have a positive impact on the Golem price as the increasing participation of users may create more demand and help the crypto price rise. 

Development Activity Of Golem Crypto

Furthermore, the development activity reflects the level of activity in the form of undergoing projects and developments in crypto and shows the recent updates and changes occurring in GLM crypto. The developer’s activity shows that it is on the rise and the developer’s activity and commit count have exhibited sustained growth in the span of the last six months over Golem crypto.

Summary

Golem Network experienced a significant surge in its daily chart between February 6th and March 3rd, 2024, with its value skyrocketing from $0.2000 to $0.7800. GLM crypto showed strong performance in the past six months, with an 83.31% increase. However, in the last week and month, the price declined by -27.48% and -14.73% respectively. 

Despite this, the daily chart indicates a possible turnaround rally as the price shows strong sustenance signs at around $0.3175. The MACD histogram remained stagnant, indicating continued activity, while the RSI suggests further gains. The social dominance sentiment is positive, reflecting increasing user acceptance, which may impact the price positively. 

Additionally, developer activity in Golem crypto has been on the rise, indicating ongoing projects and updates. The current price of GLM crypto is $0.3764, with potential targets of $0.4200 and $0.5000 if demand increases.

Technical Levels

Support Levels: $0.3175

Resistance Levels: $0.4200

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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