HomeLatest NewsWhy is GOLEM up by more than 40% on Monday?

Why is GOLEM up by more than 40% on Monday?

Hassan Maishera

Golem is currently the best performer amongst the leading 100 cryptocurrencies on Monday.

GLM, the native token of the Golem ecosystem, is setting the trend on Monday, as it is outperforming the broader cryptocurrency market. 

The broader market added 1% to its value on Monday, with the total market cap still above $1 trillion.

Bitcoin has climbed above the $22k resistance level after rallying by more than 11% over the past seven days. Ether is down by more than 1% in the last 24 hours and is trading around $1,700 despite the Merge getting closer.

GLM is the best performer amongst the top 100 cryptocurrencies on Monday. GLM has added more than 40% to its value so far today and is trading at $0.419 per coin. There is no immediate catalyst behind this rally. There is no upcoming event in the Golem ecosystem 

Key levels to watch

The GLM/USD 4-hour chart is extremely bullish as Golem has been performing positively over the last 24 hours. The technical indicators show that GOLEM is outperforming the broader crypto market at the moment.

The MACD line is deep within the positive territory, indicating bullish momentum. It has been within that region since September 8, indicating that the bulls are currently in control of the market.

The 14-day relative strength index of 80 shows that GLM will soon enter the overbought region if the rally continues.

If the bulls continue to be in charge, GLM could surge past the first major resistance level at $0.51 before the end of the day. In the event of an extended bullish run, GLM could surge past the $0.60 resistance level for the first time since the start of the year.

We are still in a bearish market, and the bears could regain partial control. If that happens, GLM could slip below the $0.40 psychological level over the next few hours.

However, GLM should comfortably defend its position above the $0.36 support level in the near term. 

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy GLM with Binance today

Wazirx

WazirX is India's largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.

Buy GLM with Wazirx today

 
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