- I feel the market for distributed computing (Airbnb for computing power) could be huge and that we could some releases in 2018.
- Strong developer community (https://www.coingecko.com/en/coins/golem)
- More analysis to follow in later linked thread...
- Down 60% from All time high and up 210% from start of recent bull run
- On 8HR chart price has dropped below the 200 which is a confirmation that the bull run is over. Also we are just getting a death cross (50 moving below the 200 )
- Price and are finding lower lows.
- Key levels are marked in black dotted with heavier lines being stronger.
Will look to buy at 0.00004057 if it drops that far and find support.
I will be watching to see how the price respects this key zone. Also looking to see if price respects the new upward support line and breaks through the new downward resistance line (both in black).
Volume increased on the 26th but price was beaten back down by the bulls. Similar was seen back in December. If your into fractals then lets see if the pattern repeats over the next week or so.
- Broke through the downward support line.
- Respecting the upward support trend and also a new more localised and steep upward support trend (dark green dotted) which has been touched 9 times on the 8H chart.
- Turning on the Kumo cloud (with crypto settings) we see that the price is trying to push through the cloud and find support from the TK and KJ lines. It is also trying to find support from the 50 EMA.
- Making higher highs and lower lows
- I have added a new key R level at 0.00004316. This was the R level which held twice back 18th/19th Feb which broke the uptrend from early Feb.
- RSI has bounced off the 50 level showing increasing momentum
- Volume is also increasing.
I am no longer confident that price will fall back to the blue box however also do not see signs of immediate upside. If price continues to rise up the trendline and gets above the 50 EMA for support I might take a trade.
- RSI moved into oversold region and is reflected in a recent pull back in price.
- 50 EMA has crossed the 100 EMA which is a bullish sign but of course is a lagging indicator (reflects the recent price increase already).
- Recent daily buy volumes are much greater then sell volumes indicating that the short-term trend will continue to be bullish.
- I have added a new S&R zone and new S&R lines in black.
- IMHO GNT is in a no-buy zone currently. Will be watching to see which way it breaks. It may find support at the new S&R zone drawn and then use this for another push upwards. If it falls through then it will likely hit 0.00003780 where I have a buy order. Also have buys in my previous buy zone but these days may be behind us....