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Can Crypto Whales’ Accumulation Start a Rally for Golem (GLM)?
Golem’s (GLM) price is poised for a potential rally, which could send the price soaring and potentially form a new all-time high.
This would warrant substantial support from the investors currently exhibiting mixed signals.
Golem Whales Fill in for Lost Investors
Golem’s price has been attempting a rally, but broader market cues are seemingly weighing heavily on the altcoin. These market cues have largely been bearish, as evident in the volatility over the last few weeks.
The uncertainty among investors arising from the recent decline is evident in their behavior. Skeptical GLM holders jumped ship at the beginning of the month when Golem’s price fell by 15%. In a day, the total number of addresses on the network declined by 4.5%, from 19,500 to 18,600.
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However, the whales have filled the void and the potential bearishness created by these investors. These large wallet investors opted to accumulate and, in the last 24 hours, added nearly 11 million GLM.
Bought by addresses holding between 1 million and 10 million GLM, this supply is worth more than $3.5 million. The accumulation from the whales is a bullish sign, as they find the low prices appealing and see the potential for profits from the token.
GLM Price Prediction: Breakout Will Bring Change
Golem’s price at $0.315 could close above the resistance of $0.315. The altcoin had nearly done so yesterday when GLM rallied by 23% during the intra-day high but failed to secure it.
However, the crypto asset is forming a descending wedge at the time of writing. This bullish pattern suggests a sharp rise is expected upon a breakout above $0.47.
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However, given that the breakout zone is far from the current price, GLM would face multiple resistances. Failure to breach any of these could extend the delay in gaining profits again, leaving Golem’s price under $0.40.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
