In the realm of digital currencies, while Bitcoin remains uncertain, some alternative coins are seemingly moving independently of known correlations. One such coin is GLM, which has recently gained significant attention.
Current Price of Golem (GLM)
Golem (GLM) coin has attracted considerable attention after experiencing a 30% increase within 24 hours, reaching $0.5963.
The trading volume of GLM also saw a staggering increase of over 9000% during this period, totaling $659 million. These figures suggest a high level of interest in GLM at the moment.
Golem’s price levels displayed a complex structure, with lows at $0.3803 and highs at $0.596. As of now, the GLM price continues to trade at $0.048.
This price fluctuation occurred after a period where GLM’s value increased by 25%. Despite recent gains, it’s important to note that the current price is still 60.8% lower than its all-time high (ATH) of $0.593 recorded on January 8, 2018.
Golem (GLM) Price Movement
The recent price movements of Golem also indicate a positive outlook from a technical analysis standpoint.
The Moving Average Convergence Divergence (MACD), a crucial indicator of market momentum, displayed a noticeable rise in cryptocurrencies. This is evident when the MACD line crosses above the signal line, signaling a shift towards upward momentum.
Furthermore, the MACD indicator entered the positive zone, contributing to the rising momentum. On the GLM front, the Relative Strength Index (RSI) sits at a buying level of 59.49, which is below the overbought signal of 70.
This situation suggests that the market still has room to grow despite the high trading volume. Therefore, during this overbought phase, prices could potentially reach higher levels.
Can GLM Surpass $0.60?
A significant resistance level has been identified for GLM at the $0.60 region. This level has recently acted as a resistance. If the upward trend continues and GLM’s price breaks this resistance, further progress could be achieved.
Historical data and the current market outlook indicate that surpassing the $0.60 region could be a significant milestone. If this level is surpassed and sustained, new highs could be reached.
However, it’s crucial to bear in mind that this level could also trigger selling pressure.
Disclaimer:
The information presented in this article should not be considered as investment advice. Investors must be aware that cryptocurrencies are highly volatile and carry inherent risks. It is recommended to conduct thorough research before making any investment decisions.
