Golem has seen a small 3% increase in price over the past 24 hours of trading, bringing the current value up to $0.06778, at the time of writing. The market has shown its first signs of recovery after dropping almost 70% from the November 2018 high.



Where Is Golem ranked?

Golem coin is presently ranked in 64th position as it holds a $64.19 million market cap value. The 27-month-old project now trades at a value that is 94% lower than its all time high price.



Let us take a look at GNT/USD over the past few months and get a gauge of price action over the period.

Golem Price Analysis

GNT/USD

GNT/USD – LONG TERM – DAILY CHART

https://www.tradingview.com/x/x1hPnBeY/

Taking a look at the long term daily chart above for GNT/USD we can see that Golem has struggled after dropping from its November 2018 high at $0.1800. The market had dropped by a total of 70% until it had reached support at the downside 1.272 FIbonacci Extension level (drawn in blue) priced at $0.0055 toward the end of January 2019.

After reaching this support, the market went on to rebound during February 2019 into resistance at the $0.075 handle.



Let us take a closer look at the Golem market over the closer term and highlight some potential areas of support and resistance moving forward.

GNT/USD – MEDIUM TERM – DAILY CHART

https://www.tradingview.com/x/aZ21esBt/

What has happened recently?

We can see that during February 2019, the market had rebounded from the $0.055 area and continued to rise throughout the month. Price action had reached resistance at the $0.075 level and rolled over into support at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.06148.

The market has held at this support and has climbed into higher support at the short term .382 Fibonacci Retracement level (drawn in green) priced at $0.06644.

What is the current short term trend?

The overall long term trend is most definitely still bearish. However, the short term trend has shown some signs of bullishness recently. The market is currently neutral until price action can break above $0.075 at which point the short term trend will be considered bullish.

Where are we likely to from here?

If the buyers can continue to slowly push GNT/USD higher we can expect immediate resistance above at the $0.070 level followed with more resistance at the $0.075 level.

If the bulls break above $0.075 and continue higher, we can expect more resistance above to be located at the bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.08427. Further resistance toward the upside can then be located at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $0.09217 and $0.09632.

Significant resistance above $0.09632 will then be expected at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.1024.



What if the bears regain control?

Alternatively, if the sellers regroup and begin to push the market beneath the support at $0.06644 we can expect immediate support below at the .5 and .618 Fibonacci Retracement levels (drawn in green) priced at $0.06396 and $0.06148, respectively.

More support below this can then be located at the short term .786 Fibonacci Retracement levels(drawn in green) priced at $0.05795.

Let us continue to take a look at price action for Golem against Bitcoin and highlight some potential areas of support and resistance moving forward.

GNT/BTC

GNT/USD – MEDIUM TERM – DAILY CHART

https://www.tradingview.com/x/rfhoK9Rk/

What has been going on?

We can see that Golem has also been suffering against Bitcoin as price action has dropped by over 45% from the October 2018 high at 2950 SATS. Price action looked to have found support at a downside 1.618 Fibonacci Extension level (drawn in blue) priced at 1727 SATS during December 2018. However, the market continued to head further lower toward the end of January 2019 as GNT/BTC fell below 1600 SATS.

We can see that the market has rebounded slightly as price action now trades at previous support (now resistance) at the 1727 SATS level.



Where can we go from here?

If the buyers can push GNT/BTC above the 1727 SATS level and head higher we can expect immediate resistance above to be located at the 1852 SATS and 2000 SATS handles.

IF the bulls continue to break above 2000 SATS, more resistance above is located at the bearish .382 Fibonacci Retracement level (drawn in red) priced at 2052 SATS. This bearish FIbonacci Retracement is measured from the October 2018 high to the February 2019 low.

Further resistance above 2052 SATS will then be expected at the bearish .5 and .618 Fibonacci Retracement levels (drawn in red) priced at 2203 SATS and 2253 SATS.

