Many cryptocurrencies have seen a drop in price over the past 24 hours. For example, Bitcoin prices have fallen 1.65% in the past 24 hours. Even though the 7-day gain shows 3.23%, the current level is not encouraging.
Ethereum has not fared well either. Its 1-hour trend shows a loss of 0.99%, while the 24-hour level shows a decline of 1.76%. Looking at the 7-day price movement of ETH, the crypto lost 7.02%, which is surprising given the hype surrounding the merger.
Related reading: Displaced ETH Miners Seek Refuge in Ethereum Classic, Ravencoin
Tether USDT shows all red in 1 hour, 24 hour and 7 day gain. Many other altcoins also in red include USDC, BNB, XRP, ADA, SOL, Dogecoin, etc.
But amid these recent misfortunes, Golem GLM has exceeded expectations.
Golem GLM Leads in 24 Hours Prize Earnings
Golem has seen a price hike over the past few days. Currently, the GLM price stands at $0.3583, indicating a price gain of 14.76% in 24 hours. Watch her move on the business chart Today, September 15, the coin has been steadily rising since the market opened.
Besides adding more in its 24-hour price growth, Golem GLM also encourages investors with its 7-day price gain. It added over 20% growth in a week. This level of growth is higher than many altcoins, in addition to Ravencoin. The coin also has strong 7-day price growth, but is red for 1-hour and 24-hour growth.
The price of the golem is increasing, what could be the reason?
On September 12 and 13, the Golem price increased, showing a 55% price increase in 24 hours. The coin, which was previously struggling between $0.276 and $0.281, shot up to $0.4054, sending the market into a buying frenzy.
On September 14, the price dropped to $0.345. But GLM is currently adding more as trading continues on September 15. There is hope that the crypto could hit the September 12-13 levels again.
This rapid growth has made market watchers wonder about the possible reasons. Golem’s recent spike could be related to the announcement of new hires. According to his Twitter September 6 message, the network is adding developers to its team, indicating an expansion.
He also announced that new hires would earn between $3,000 and $10,000 per month, along with other invaluable, life-changing experiences. Community manager Mattias Nystrom even said that developers can choose any currency they want for their payouts.
Should investors be bullish?
This announcement could have sparked investor interest in adding funds to a growing network. But some analysts advise to wait a bit before going bullish on the crypto. They expect a 78.6% Fibonacci retracement level, the next level of support that could support the GLM price at $0.3275.
For now, resistance is at $0.3746 and $0.4079. Investors can buy up to the price levels of $0.4413 and $0.4820 if the coin breaks above these levels.
Featured image from Pixabay and chart from TradingView.com