GLM price displays a sudden buying binge that wants to achieve the 200 DMA as buying pressure increases dramatically. Technical highlights:
- At press time, the GLM market value had climbed by 38.24 percent.
- The bullish engulfing candlestick in the daily chart negates the previous month’s decline.
- The Golem’s 24-hour trading volume is $128 million, representing a 1700 percent increase.
GLM’s Previous Performance
GLM prices failed to hold above $0.50, resulting in a selling spiral that destroyed 65 percent of the market value within two months of a bear market. The decline hit $0.20 before reversing to the upside by generating a morning star pattern with a lower price rejection. The surge struggled to break beyond the $0.30 barrier, but the latest amazing increase in buying pressure brought it down to reach $0.40.
Technical Analysis of GLM
The bullish engulfing candlestick break above the $0.30 resistance is accompanied by a significant increase in intraday trading volume. Furthermore, the purchasing rush weakens the previous month’s selling spiral and prepares to break beyond the $0.40 threshold. The abrupt reversal alters the trend in the 50 and 20 DMAs, as the market value outperforms both and approaches the 200 DMA. After the midway line retest with support from the 14-day SMA, the RSI indicator shows a bullish spike shattering over the overbought barrier. Furthermore, the MACD indicator displays a spike in the fast line, increasing the bullish spread and preventing a bearish crossover with the slow line. As a result, the technical indicators show an increase in the underlying positive momentum and an increase in the likelihood of prices exceeding $0.40. In summary, GLM technical analysis indicates a strong likelihood of a continuing buying binge to reach over $0.30 under the resistance trendline.
GLM traders should expect a minor correction as a respite before continuing the bullish trend and breaking through the $0.40 line. Levels of resistance: $0.40 and $0.50 Levels of support: $0.30 and $0.20