Should You Buy Golem Today as Its Price Has Increased by 55% to $0.3645?

Golem is now on a hot streak, having risen by more than 55% in just seven days to trade at $0.36350. However, GLM is notorious for experiencing enormous ecstatic rises followed by sharp retracements.

A peer-to-peer organization where users can buy and sell computing and join on an equal basis is created by the groundbreaking decentralized computing network known as Golem Network, which distributes extra computing power to those in need.

The entrance to the Golem Network is the utility token GLM. Using the peer-to-peer Golem (GLM) cryptocurrency, users can rent out idle digital assets or items with additional processing capacity.

Tokenomics and Golem Price

Golem is currently trading at $0.368242 and has a 24-hour trading volume of $393 million. Its price has increased by 4.99% over the past 24 hours, but has down 30% over the past 12 hours from its recent high of $0.5255.

The GLM/USD pair had an opening price of $0.3317 the day prior, with a high of $0.4782 and a low of $0.3134.

With a live market cap of $368 million, CoinMarketCap is now ranked #98. There is a maximum quantity of 1,000,000,000 GLM coins and 1,000,000,000 GLM coins are currently in circulation.

What's driving a general uptrend in GLM? Let's investigate...

Hiring the investors of Campaign Boost

The network's official Twitter feed released a tweet on September 6 that stated their coders earn between $3,000 and $10,000 monthly.

The advantages they provide, however, go far beyond monetary reward. If all they wanted was CVs, they advised developers not to send them.

Employing additional personnel signals that the business is growing, which raises investor confidence. As a result, investors begin investing in those companies, expecting a higher growth rate to cause a surge in the coin's price. This might be a factor in the recent rise in golem prices.

The tweet claims that playing Golem is transformational, much like learning your talent. According to Mattias Nystrom, Head of Community at the Golem Project, developers at Golem may choose the currency they compensate, but we also offer a lot more.

He said that excellent coders should be given special treatment, such as access to our Jastarnia code, a relaxing resort, and the inspiration and thrill of working with cutting-edge technology. According to the network, Golem is continuously looking for talented developers.

Furthermore, they understand that talent recognizes talent. That is why they offer a team member referral program called #DiscoverYourSuperpower, which rewards current employees with $4,500 for recommending new superhero developers to the company.

The fundamental purpose of the GLM Rewards Program is to create a movement that enables people across national boundaries to promote cooperation within the Golem community.

GLM Technical Outlook: Should You Buy This Crypto Today?

On the technical front, the GLM/USD has shown a bearish retracement, falling from $0.5500 to $0.3625. GLM has completed a 61.8% Fibonacci retracement at $0.3746 and is heading lower.

On the downside, the 78.6% Fibonacci retracement level will be the next level of support and may underpin GLM at $0.3275.

GLM's immediate resistance remains at $0.3746 and 0.4079 - A break above these levels may allow for additional buying until the $0.4413 and 0.4820 levels.

The GLM has closed the "three black soldiers" candlestick pattern on the 4-hour timeframe, indicating a strong bearish bias in the short run.

As a result, it appears that investors should hold off on entering the market until GLM completes the 78.6% retracement.