Golem Price Pumping 55% to $0.3645 - Should You Buy this Crypto Today?
Golem is currently on a bullish streak, having increased by more than 55% in seven days to trade at $0.36350 - but GLM is known for massive euphoric surges followed by severe retracements.
Golem Network is a revolutionary decentralized computation network that distributes excess computing power to those in need, with the network creating a peer-to-peer organization where users can buy and sell computing and join on an equal footing.
GLM is the utility token that is the gateway to the Golem Network. Users can also rent idle digital resources or assets with extra computational power using the Golem (GLM) cryptocurrency in peer-to-peer transactions.
Golem Price & Tokenomics
Golem is priced at $0.368242 at the time of writing and the 24-hour trading volume is $393 million - with a price increase of 4.99% in the last 24 hours - however in the last 12 hours the prices has dipped 30% from highs of $0.5255
A day before, the GLM/USD pair opened at $0.3317, placing a high of $0.4782 and a low value of $0.3134.
CoinMarketCap now ranks #98, with a live market cap of $368 million. It has 1,000,000,000 GLM coins in circulation and a maximum supply of 1,000,000,000 GLM coins.
What's driving a general uptrend in GLM? Let's find out...
Hiring Campaign Boost's Investors
The network's official Twitter feed released a tweet on September 6 that stated their coders earn between $3,000 and $10,000 monthly.
However, the benefits they bring go far beyond monetary compensation. They urged developers not to send CVs if that was all they wanted.
Hiring new employees indicates that the company is expanding, which boosts investor confidence. As a result, investors begin investing in those companies, expecting a higher growth rate to cause a surge in the coin's price. This could be one of the reasons for the recent uptick in Golem prices.
According to the tweet, Golem provides a transforming experience similar to discovering your ability. According to Mattias Nystrom, Head of Community at the Golem Project, developers at Golem may choose the currency they compensate, but we also offer a lot more.
He said that excellent coders should be given special treatment, such as access to our Jastarnia code, a relaxing resort, and the inspiration and thrill of working with cutting-edge technology. The network claims they are always looking for talented developers to join Golem.
Furthermore, they understand that talent recognizes talent. That is why they offer a team member referral program called #DiscoverYourSuperpower, which rewards current employees with $4,500 for recommending new superhero developers to the company.
The fundamental purpose of the GLM Rewards Program is to create a movement that enables people across national boundaries to promote cooperation within the Golem community.
GLM Technical Outlook: Should You Buy This Crypto Today?
On the technical front, the GLM/USD has shown a bearish retracement, falling from $0.5500 to $0.3625. GLM has completed a 61.8% Fibonacci retracement at $0.3746 and is heading lower.
On the downside, the 78.6% Fibonacci retracement level will be the next level of support and may underpin GLM at $0.3275.
GLM's immediate resistance remains at $0.3746 and 0.4079 - A break above these levels may allow for additional buying until the $0.4413 and 0.4820 levels.
The GLM has closed the "three black soldiers" candlestick pattern on the 4-hour timeframe, indicating a strong bearish bias in the short run.
As a result, it appears that investors should hold off on entering the market until GLM completes the 78.6% retracement.