Golem (GNT) is about to finish its first green candle against US Dollar (USD) on the weekly time frame after five consecutive red weeks. This week has been confidence inspiring for Golem (GNT) bulls as the trend seems to be reversing as the price has now put in a bottom. The above weekly chart for GNT/USD shows that Golem (GNT) has been trading in an ascending channel against USD since March 2017. Golem (GNT)’s price took a heavy hit against USD after its ICO but it did recover in the months ahead and had a bullish comeback even against both Bitcoin (BTC) and Ethereum (ETH) in the months that followed. In addition to the ascending channel that Golem (GNT) has held so far, the price has also been trading in a triangle since the beginning of the year. Golem (GNT) finally reached the lower limit of this ascending channel and simultaneously the bottom of the triangle last month and found a bottom.
Wave trend analysis for the above chart shows that the price of Golem (GNT) has been trading even below oversold territory and is massively undervalued at this point. The gap between the green and red lines is bridging on the wave trend diagram on the above chart. This means that within the next few weeks, the green line will break above the red line which will begin a new wave trend for Golem (GNT). Volume Price Confirmation Indicator on the above chart already confirmed the likelihood of a breakout as the orange line has now broken above the blue line. This is a solid indicator that the correction for Golem (GNT) is over and that the price is now on the verge of a breakout against Bitcoin (BTC), Ethereum (ETH) and the US Dollar (USD).
The above weekly chart for GNT/BTC shows that Golem (GNT) is about to complete a green candle against Bitcoin (BTC) same as the US Dollar (USD) but unlike with the US Dollar, this green candle will be formed after a queue of seven consecutive weeks in the red! The gap between the green and red lines has also bridged on the wave trend profile for GNT/BTC same as GNT/USD. The volume price confirmation profile is also similar to that of the US Dollar. This shows that Golem (GNT) will likely move against Bitcoin (BTC) and the US Dollar (USD) in a similar manner in the weeks ahead.
In addition to Bitcoin (BTC), Golem (GNT) has also been making moves against Ethereum (ETH) which has also been comparatively easier for Golem (GNT). The above weekly chart for GNT/ETH shows that Golem (GNT) is about to finish its third week in the green against Ethereum (ETH). The price has already broken above the 5 EMA resistance and is now ready to test the upper limit of the triangle it is trading in. At this point, Golem (GNT) is all set to take on Bitcoin (BTC), Ethereum (ETH) and the US Dollar (USD) at the same time. The Golem development team has been constantly working on the project with more zeal and enthusiasm despite the fact that Golem (GNT)’s market cap fell from billions to millions and was almost added to the “forgotten coin list”. Golem (GNT) once a top twenty coin now ranks 49th with a market cap of just 169 million dollars! This is extremely undervalued for a project that has no real competition and has achieved so much even in a correction.
Golem (GNT) is one of the few cryptocurrency projects to have updated their websites during the correction. In fact, they have added a lot of new information for public record so people can see what they have been up to when everyone was following the prices. In markets like these, it is hard to find a team that stays loyal to its project when it loses it luster for a while. We have seen industry leaders that move from one project to another as soon as their original project loses its luster as in the case of Dan Larimer (Bitshares to EOS) and Charles Hoskinsons (ETC to Cardano) but it takes a lot to stick to the original plan and finish what you have started. Julian and his team have done an exceptionally good job at that and the community needs to give them the appreciation and recognition they deserve.