Nov 17, 2020
👀Huobi x CoinMarketCal👀A Coin To Keep An Eye On-Golem!
Golem is based on the Ethereum blockchain and has created a peer-to-peer computing infrastructure in order to provide a global, distributed market of a central processor unit (CPU) power. The platform is a so-called Worldwide Computer which allows everyone to make a contribution. At this stage, the system allows users or providers to lease some extra CPU power in exchange for a reward from customers who create products that require large sources of energy. Golem uses Ethereum’s smart-contracts as a transactional system of payments within the network. [Source Cointelegraph]
📅 Upcoming Event: November 19th: GNT to ERC20 per coinmarketcal.com!
📈Analysis
After lazily consolidating through the end of September, GNT’s volatility suddenly spiked as the low at $0.0795 was purged in early November before an 87% surge upward.
Since then, the price has retraced to under the Q4 open — possibly creating a similar accumulation setup to this month’s purge-to-surge under the November monthly open.
Bulls could enter in the current region or on a stop run — perhaps triggered by Thursday’s migration — into probable support near $0.0954. Less aggressive traders could look for a flip of the Q4 open into support before hunting lower-timeframe entries.
The resistance starting near $0.1255 provides a first target. A break of this level is likely to proceed to the swing high at $0.145. Longer-term, the August swing high near $0.175 provides another bull-trend target.
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