Golem Network Price Prediction: Why It Couldn’t Sustain Above EMA?

• The amount of Golem Network(GLM) contracts that are open dropped by -5.94% in the previous day, reaching $8.31M.
• As of 07 July 2023, the total value of Golem Network is $180,593,708.
• Golem Network(GLM) is trading at $0.1827 with a gain of +0.11% since the previous day.

Golem Network(GLM) has been on a downtrend for a long time and has been dropping from its peak levels and forming lower low patterns and is still trading according to the same pattern.

Golem is a distributed computing network that enables users to trade computing resources for different purposes, such as graphics, AI, or research. It runs on the Ethereum blockchain and uses its own token, GLM, as the payment method for the network.

Golem Network(GLM) has been declining from its high levels and making lower low structures. It is currently in a downtrend after breaking below the 20,50-day Exponential moving average. If Golem Network cannot stop the bearish pressure, it may form a new lower low pattern shortly and prolong the downtrend.

The volume of Golem Network has advanced by +6.31%, reaching $19.28M and ranking #141 on CoinMarketCap.

Golem Network Technical Analysis

Source:  Golem Network. COINBASE.1D by TradingView

EMA: Golem Network(GLM) is trading under the 20,50-day Exponential moving average with a bearish crossover that shows the influence of sellers in the market. If sellers continue to drag the market lower, Golem Network could suffer more declines and go into a downtrend.

RSI: The RSI for Golem Network(GLM) is low as it is under the 50 level, indicating a bearish signal that reveals the presence of sellers in the market. Based on this, if RSI keeps falling in the coming days, we might see a considerable fall in the price of Golem Network shortly.

Market Structure: Golem Network(GLM) reached a high of $0.2233 but could not maintain it and started to fall, resuming the downtrend that shows further weakness in the market. According to the current situation, the market is trading below the dynamic support trendline which can further lead to lower levels. The market is also in a downtrend based upon larger timeframe as it is making lower lows.

Conclusion

Therefore, by analyzing the charts we can observe that Golem Network(GLM) was rising for some days but recently violated the higher high pattern and has begun to decline again by forming new lower low patterns trading below the 20,50-day Exponential moving average. The RSI is also below the 50 level with a double top that signals weakness in the market. Also the market has broken downt the dynamic trendline which indicates more bearishness and this can lead to a good momentum on the downside.

Technical Levels

• Support Level – 0.1724 and 0.1603
• Resistance Level – 0.1956 and 0.2210

Disclaimer

The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.