Bitcoin
BTC$64 364.24

-0.32%

Ethereum
ETH$3 416.30

-0.72%

Tether
USDT$1.000190

-0.02%

Binance Coin
BNB$570.57

-0.84%

Solana
SOL$156.65

-2.73%

XRP
XRP$0.630018

8.50%

Golem (GNT) Explodes After a Slow Recovery


September 2020

So far, the year 2020 has been very fruitful for Golem (GNT), despite the flash crash in March. The token price began to soar in the first weeks of the year but then collapsed to $0.026 after the coronavirus pandemic had hit the entire world and affected all markets severely. Nevertheless, GNT didn’t fall to the all-time lows, as many altcoins did during those gloomy days, and began to slowly roll to the upside, having first taken out the level at $0.05, from which the price had a nosedive in March, and then continued to chug along with the gradually recovering market.

GNT year-to-date chart

Golem has been flying below the radar of most retail traders until the first week of August when the buyers began to enter the market and push the price of GNT vehemently to the upside, which resulted in the respectful 120% gain against both USD and BTC over the past four weeks. You can see GNT’s latest performance profile below.

GNT gains/losses

August can be dubbed as an explosive month for Golem, and such late awakening could mean that GNT has a lot of unrealized upside potential, though it could also result in a premature start of correction once the DeFi frenzy wears off.

Are fundamentals to blame for the recent rally?


It turns out that the latest 120% leap to the upside might have been caused by the launch of an Alpha testnet of the Golem blockchain network that is supposed to facilitate the development of decentralized applications and become a more developer-focused platform. Before that, the team had published its proposition concerning the Proof-of-Device algorithm that allows users to validate their devices, as well as their identities, in a fully anonymous yet completely reliable manner.

Such activity on the part of developers and the prospects of significant fundamental improvements in the near future has powered the biggest rally Golem has had in months. Since this respectable GNT price appreciation is obviously not of the artificial nature, and further improvements are to be expected in the near future, we base our Golem price analysis on the premise that GNT will maintain its bullish stance in the near future, given that the rest of the cryptocurrency market would refrain from collapsing in the next few months.

GNT has retracement in the making


The recent progress of Golem is clearly depicted on the weekly chart, where GNT has had three unsuccessful attempts at thrusting through the resistance at $0.148 that converges with the 0.6 Fibonacci retracement level.

1-week GNT/USDT chart

We are convinced that Golem will be having a retracement over the next seven to ten days because the trading volume has been on the decline while MACD is close to reaching the edge of the overbought zone that often results in a bearish crossover that entails further price degradation. Traders are most likely to see the emergence of the bullish flag pattern that could force the price to stay near the current level - with support being at $0.121 - or descend either to $0.105 (the support level dictated by the price action) or $0.098, which represents the 0.382 Fibonacci level. Once the flag gets broken to the upside, GNT is highly likely to shoot for $0.18.

Author: Alex Paulson for Crypto-Rating.com

Related

Golem (GNT): Anticipating a Dropdown Upon Consolidation
Golem (GNT): Anticipating a Dropdown Upon Consolidation
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 78% 43 $64 364.24 -0.32% 11.97% $1 269 716 723 462 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76% 50 $3 416.30 -0.72% 10.22% $410 712 230 766 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000190 -0.02% 0.03% $113 246 119 775 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 74.4% 43 $570.57 -0.84% 9.29% $84 205 292 105 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 82% 36 $156.65 -2.73% 11.05% $72 712 740 994 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 77.6% 43 $0.630018 8.50% 44.13% $35 158 388 966 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $1.000058 0.01% 0.01% $33 786 650 760 USDC 7 days price change
8 Toncoin (TON) TON Toncoin predictions 90% 13 $7.13 -2.95% -1.57% $17 903 663 385 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 73.6% 55 $0.122344 -1.78% 14.15% $17 759 171 787 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 80.4% 36 $0.440835 0.42% 14.99% $15 820 624 845 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 79.2% 44 $0.133868 -0.20% 2.14% $11 660 500 653 TRX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 78.8% 37 $0.000019 -2.98% 14.79% $11 047 738 934 SHIB 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 76% 41 $27.63 -2.12% 7.39% $10 907 302 760 AVAX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 95.2% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 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.