Bitcoin
BTC$70 736.91

2.78%

Ethereum
ETH$3 562.64

1.50%

Tether
USDT$1.000352

0.08%

Binance Coin
BNB$581.39

2.02%

Solana
SOL$187.83

1.55%

XRP
XRP$0.628371

2.46%

Golem (GNT): Anticipating a Dropdown Upon Consolidation


November 2020

In the last article dedicated to Golem (GNT), we have predicted correctly that the price was to retrace to the support at $0.105, but what seemed as the retracement within the framework of the bull flag turned out to be the beginning of correction that took the price to its current level at $0.095, achieved after the average of 3% value degradation against the three major currencies: USD, BTC, and ETH, in a span of a week.

1-week GNT/USDT chart

Nevertheless, when it comes to the price development on the macro scale, Golem seems to be rising slowly but steadily above the two-year bottom at $0.018 that was reached at the climax of the coronavirus-induced market crash in March. The historical chart tells us that GNT has already taken out the highs of 2019 and would be eyeing the psychological level at $0.2 in the long run.

All-time GNT chart

But for the time being, we have a bearish outlook with regard to Golem, at least until the price makes a comeback above $0.1. But that would be hard to achieve, given the noticeable decrease in average trading volume over the past 90 days from $15 million to the current $4.3 million that is a sure sign of the ongoing consolidation before a major break, which we reckon would occur to the downside.

Awaiting a drop to 0.236 on Fibo


The weekly chart reveals that the sellers have successfully flipped $0.105 from being a support to becoming a resistance that has been tested during each of the past three weeks - but to no avail - while maintaining the support at $0.088. 

1-week GNT/USDT chart

This dive was accompanied by the visible shrinkage of trading volume to the levels seen during the short bull rally at the dawn of the year. At the same time, MACD appears to have finalized its bullish phase, which lasted for ten months and now is deliberately going for the bearish crossover, the proper realization of which would provide the clear signal that the price intends to drop to 0.236 on the Fibonacci retracement grid or $0.07.

At that point, Golem would either enter the phase of protracted consolidation - given that MACD will get rejected at the zero line - or fall to the pre-rally price level, with the presumed support line being established at $0.053, whereas MACD will fully immerse itself into the bearish control zone. The bullish scenario provides for a push off the interim support at $0.088, followed by a quick spike to $0.12 that coincides with 0.382 on the Fibonacci retracement grid.

1-day GNT/USDT chart

The price action on the daily time frame confirms that Golem is being locked in a tight range ($0.088 - $0.105) with an inclination to the downside, mainly due to MACD being in the bearish zone, though the situation will become clearer once the symmetrical triangle is being resolved.

The guidelines concerning trading Golem on this time frame are pretty straightforward: wait for the breach of either support or resistance as part of the symmetrical triangle resolution and look for the confirmation from MACD, as well as the increase in trading volume.

Author: Alex Paulson for Crypto-Rating.com

Related

Golem (GNT) Explodes After a Slow Recovery
Golem (GNT) Explodes After a Slow Recovery
Golem (GNT) Faces a Series of Obstacles
Golem (GNT) Faces a Series of Obstacles
Golem (GNT) Struggling With Resistance
Golem (GNT) Struggling With Resistance

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 77.6% 44 $70 736.91 2.78% 8.31% $1 391 178 414 200 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 75.6% 48 $3 562.64 1.50% 2.46% $427 772 969 398 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000352 0.08% 0.04% $104 490 946 646 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 62% 80 $581.39 2.02% 4.85% $86 939 551 284 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 56% 89 $187.83 1.55% 4.77% $83 450 036 018 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 80% 32 $0.628371 2.46% -1.77% $34 487 663 799 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 90.4% 2 $1.000008 -0.02% -0.02% $32 295 051 608 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 67.6% 68 $0.223194 20.12% 46.03% $32 063 455 196 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 68.4% 67 $0.650387 0.01% 2.61% $23 142 053 918 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 56.4% 88 $54.77 1.11% 1.30% $20 670 511 693 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.4% 94 $0.000032 6.29% 18.17% $18 866 682 481 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 58.8% 88 $4.88 -2.51% 19.56% $16 927 337 697 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 72% 52 $9.53 0.98% 2.89% $13 600 267 897 DOT 7 days price change
14 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 69.6% 60 $576.75 6.65% 38.66% $11 351 495 383 BCH 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 74.4% 42 $19.16 -0.94% 2.77% $11 250 792 534 LINK 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.