GLM Technical Analysis: Golem Prices Skyrocket 40% In An Hour

GLM price shows a buying spree started all of a sudden and aims to reach the 200 DMA as the buying pressure grows remarkably. Key technical points: The GLM market value increased by 38.24% today at press time. The bullish engulfing candlestick in the daily chart undermines the last month’s downfall. The 24-hour trading volume of the Golem is $128 Million, indicating a hike of 1700%. Past Performance of GLM GLM prices failed to sustain above the $0.50 mark resulting in a selling spiral that destroyed 65% of the market value within two months of a bearish market. The downtrend reached $0.20 to take a bullish reversal by forming a morning star pattern with a lower price rejection. The upsurge struggled to surpass the $0.30 but the recent outstanding surge in buying pressure knocked down the resistance to approach $0.40. Source- Tradingview GLM Technical Analysis The bullish engulfing candlestick break above the $0.30 resistance comes with a remarkable surge in the intraday trading volume. Moreover, the buying spree undermines the selling spiral of the last month and prepares to surpass the $0.40 mark. The sudden reversal changes the trend in the 50 and 20 DMA as the market value outperforms both of them and approaches the 200 DMA. The RSI indicator shows a bullish spike cracking above the overbought boundary after the halfway line retest with the support of the 14-day SMA. Furthermore, the MACD indicator shows a spike in the fast...