• Why is GOLEM up over 40% on Monday?

  • On Monday, Golem is the greatest performer among the top 100 cryptocurrencies.

    GLM, the Golem ecosystem’s native token, is leading the way on Monday, outperforming the broader cryptocurrency market.

    The broader market gained 1% on Monday, keeping the entire market cap above $1 trillion.

    Bitcoin has risen above the $22k resistance level, having gained more than 11% in the previous seven days. Despite the approaching Merge, Ether has dropped more than 1% in the previous 24 hours and is currently trading around $1,700.

    On Monday, GLM was the best performer among the top 100 cryptocurrencies. GLM has gained more than 40% in value today and is currently trading at $0.419 per coin. There is no obvious trigger driving this rally. In the Golem ecosystem, there are no forthcoming events.

    Levels to keep an eye on

    The 4-hour chart of GLM/USD is quite bullish, as Golem has performed well over the last 24 hours. GOLEM is now outperforming the broader crypto market, according to technical indicators.

    The MACD line is firmly in the positive zone, indicating bullish momentum. It has been in that range since September 8, indicating that the bulls are still in charge of the market.

    If the rise continues, the 14-day relative strength index of 80 indicates that GLM will shortly enter the overbought zone.

    If the bulls maintain their lead, GLM might break through the first significant resistance level at $0.51 before the end of the day. If the positive trend continues, GLM might break through the $0.60 resistance level for the first time since the beginning of the year.

    We are still in a bear market, and the bears may retake some dominance. If this occurs, GLM may fall below the $0.40 psychological threshold in the coming hours.

    GLM, on the other hand, should be able to comfortably defend its position above the $0.36 support level in the immediate term.

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