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Vikram
Jun 2, 2022
by Vikram

GLM Technical Analysis: Golem Prices Skyrocket 40% In An Hour 

GLM Technical Analysis
GLM price shows a buying spree started all of a sudden and aims to reach the 200 DMA as the buying pressure grows remarkably. 

Key technical points:

  • The GLM market value increased by 38.24% today at press time.

  • The bullish engulfing candlestick in the daily chart undermines the last month’s downfall.

  • The 24-hour trading volume of the Golem is $128 Million, indicating a hike of 1700%.

    • Past Performance of GLM

    GLM prices failed to sustain above the $0.50 mark resulting in a selling spiral that destroyed 65% of the market value within two months of a bearish market. The downtrend reached $0.20 to take a bullish reversal by forming a morning star pattern with a lower price rejection. The upsurge struggled to surpass the $0.30 but the recent outstanding surge in buying pressure knocked down the resistance to approach $0.40.

    TradingView Chart

    Source- Tradingview

    GLM Technical Analysis 

    The bullish engulfing candlestick break above the $0.30 resistance comes with a remarkable surge in the intraday trading volume. Moreover, the buying spree undermines the selling spiral of the last month and prepares to surpass the $0.40 mark. The sudden reversal changes the trend in the 50 and 20 DMA as the market value outperforms both of them and approaches the 200 DMA.

    The RSI indicator shows a bullish spike cracking above the overbought boundary after the halfway line retest with the support of the 14-day SMA. Furthermore, the MACD indicator shows a spike in the fast line which increases the bullish spread and avoids a bearish crossover with the slow line. Hence, the technical indicators reflect a rise in the underlying bullish momentum and increasing chances of prices surpassing $0.40. In a nutshell, GLM technical analysis displays a high possibility of a continued buying spree to reach above $0.30 under the resistance trendline.

    Upcoming Trend

    The GLM traders should expect a slight retracement as a breather to concrete the bullish trend and surpass the $0.40 mark.

    Resistance Levels: $0.40 and $0.50

    Support Levels: $0.30 and $0.20

     

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    Golem GLM
    GLM Technical Analysis: Golem Prices Skyrocket 40% In An Hour 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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