Golem Price Prediction 2021 – Will GLM Hit $1 Soon?

Golem Price Prediction 2021 - Will GLM Hit $1 Soon?
  • Bullish GLM price prediction ranges from $0.35 to $0.56.
  • The GLM price might also reach $1.
  • GLM bearish market price prediction for 2021 is $0.23.

In GLM price prediction 2021, we use statistics, price patterns, ADX, and much other information about GLM to analyze the future movement of the cryptocurrency. 

The Golem project’s native coin is the GNT, or Golem Network Token, which is now the ERC-20 GLM token. Golem is an open-source, decentralized supercomputer that uses computing power to perform complex computational tasks.

All transactions in the Golem ecosystem are handled by the GLM coin. Significant transaction costs have arisen as a result of the increasing saturation of the Ethereum (ETH) blockchain, which is problematic when executing small-value trades. As a result, platforms like Golem are now utilising Layer 2 protocols to reduce costs.

Current Market Status of Golem (GLM)

According to Coingecko, the price of GLM is $0.3084 with a 24-hour trading volume of $14,763,920 at the time of writing. However, GLM surged to 0.22% in the last 24 hours.

Moreover, GLM has a circulating supply of  1,000,000,000 GLM coins. Currently, GLM trades in cryptocurrency exchanges such as Binance, OKEx, Huobi Global, Upbit and Hotcoin Global.

Golem (GLM) Price Prediction 2021

Golem (GLM) holds the 135th position on CoinGecko right now. GLM price prediction 2021 explained below with a daily time frame. 

GLM/USDT Inverse Head and Shoulder Pattern (Source: TradingView)

An inverse head and shoulders pattern is similar to the standard head and shoulders pattern, but inverted: the head and shoulders top is used to predict reversals in downtrends.

The inverse head and shoulders pattern begins with a downtrend. This is the long-term decline that will eventually lead to exhaustion and a reversal higher as sellers exit and buyers step up. Minor support, forming the first shoulder, meets the downtrend. As the market begins to rise, it hits strong resistance and the downtrend resumes.

The strong resistance level is called the neckline. After the market makes a lower low, it finds strong support, forming the pattern’s head. Once again, the market encounters resistance at the neckline, which forms the second shoulder.

Currently, GLM is waving at $0.308, which is at the second shoulder. After this, GLM would continue to follow the inverse head and shoulder pattern where the price will fall for short-term, then rise up after reaching resistance level. If the trend reverses, then the price of GLM may fall to $0.23.

Golem (GLM) Support and Resistance Level

The below chart shows the support and resistance level of Golem (GLM).

GLM/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of GLM.

  • Resistance Level 1 – $0.35
  • Resistance Level 2 – $0.44
  • Resistance Level 3 – $0.56
  • Support Level 1 – $0.23
  • Support Level 2 – $0.16

The chart depicts the bearish performance of GLM over the previous month. However, GLM will follow a bullish pattern and will rise. On the contrary, if the trend reversed then GLM might fall to $0.23 presenting a bearish signal.

Golem (GLM) Average Directional Index (ADX)

Let us now look at GLM’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

GLM/USDT ADX (Source:TradingView)

The above chart represents the ADX of GLM lies in the range at 30.01, so it indicates a strong trend. 

Conclusion

The GLM is one of the cryptos which is great for long-term investment. In addition, GLM price prediction is bullish for a long-term. It has a good chance of reaching $0.55 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the GLM ecosystem, the performance of GLM would rise reaching $0.55 very soon. But, it might also reach $1 if the investors believe that GLM is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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