Many cryptocurrencies recorded price fall in the past 24 hours. For instance, Bitcoin prices have fallen by 1.65% in the past 24 hours. Even though the 7-day gain shows a 3.23%, the current level is not encouraging.
Ethereum hasn’t fared well, either. Its 1-hour trend shows a 0.99% loss, while the 24 hours level indicates a 1.76% fall. Looking at ETH 7 days price movement, the crypto has lost 7.02%, which is surprising given the hype around the Merge.
Related Reading: Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin
Tether USDT shows all red in 1 hour, 24 hours, and 7 days gain. Many other altcoins also in red include USDC, BNB, XRP, ADA, SOL, Dogecoin, etc.
But amid these recent woes, Golem GLM has pushed past expectations.
Golem GLM Leads in 24 hours Price gains
Golem has seen a price push within the past few days. Currently, GLM price sits at $0.3583, indicating a 14.76% price gain in 24 hours. Watching its movement on the trading chart today, September 15, the coin has been increasing steadily since the market opened.
Apart from adding more in its 24 hours price growth, Golem GLM is also encouraging investors with its 7 days price gain. It has added more than 20% growth in one week. This growth level is above many altcoins, besides Ravencoin. The coin also has a high 7 days price growth but is in red for both 1-hour and 24 hours growth.
GLM’s price is currently trading at around $0.36. | Source: GLMUSD price chart from TradingView.com
Golem Price Grows, What Could Be The Reason?
On September 12 and 13, the Golem price pushed higher, showing a 55% price increase in 24 hours. The coin, previously struggling between $0.276 and $0.281, spiked to $0.4054, sending the market into a buying frenzy.
September 14 saw the price move down to $0.345. But GLM is currently adding more as trading continues on September 15. There’s hope the crypto might reach September 12 and 13 levels again.
This fast growth has made market watchers wonder about the possible reasons. The recent spike in Golem might be linked to the announcement of new hires. According to its Twitter message on September 6, the network is adding developers to its team, indicating expansion.
It also announced that new hires would earn between $3K and $10K monthly, plus other priceless life-changing experiences. The community head, Mattias Nystrom, even stated that the developers could choose a currency they want for their payments.
Should Investors Go Bullish?
This announcement might have caught investors’ interest in adding funds to a rapidly expanding network. But some analysts advise waiting a bit before going bullish on the crypto. They expect a 78.6% Fibonacci retracement level, the next level of support that might underpin GLM price at $0.3275.
For now, the resistance is at $0.3746 and $0.4079. Investors can buy until the $0.4413 and $0.4820 price levels if the coin breaks above these levels.
Featured image from Pixabay and chart from TradingView.com