Golem price pumping 55% to $0.3645

Golem is currently on a bullish streak, having surged more than 55% in seven days to trade at $0.36350 – but GLM is known for massive euphoric surges followed by severe pullbacks.

The Golem Network is a revolutionary decentralized computer network that distributes excess computing power to those who need it, with the network creating a peer-to-peer organization where users can buy and sell data and join as equals.

GLM is the tool that is the gateway to the Golem network. Users can also rent free digital resources or assets with additional computational power using Golem (GLM) cryptocurrency in peer-to-peer transactions.

Golem Price & Tokenomics

Golem is priced at $0.368242 at the time of writing and its 24-hour trading volume is $393 million – with a price increase of 4.99% in the last 24 hours – but in the last 12 hours, prices have dropped 30% from peaks of $0.5255

A day before, the GLM/USD pair opened at $0.3317, placing a high of $0.4782 and a low of $0.3134.

CoinMarketCap now ranks #98, with a live market cap of $368 million. It has 1,000,000,000 GLM coins in circulation and a maximum supply of 1,000,000,000 GLM coins.

What is driving a general upturn in GLM? Let’s find out…

Hire Campaign Boost’s investors

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

However, the benefits they provide go far beyond financial compensation. They encouraged developers not to send resumes if that was all they wanted.

Hiring new employees indicates that the company is expanding, which increases investor confidence. As a result, investors start investing in these companies, expecting that a higher growth rate will lead to an increase in the coin’s price. This may be one of the reasons for the recent rise in Golem prices.

According to the tweet, Golem provides a transformative experience similar to discovering your ability. According to Mattias Nystrom, Head of Community at Golem Project, developers at Golem can choose the currency they compensate for, but we also offer much 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 excitement of working with cutting-edge technology. The network claims that they are always looking for talented developers to join Golem.

Furthermore, they understand that talent recognizes talent. That’s why they offer a referral program for team members 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 borders to promote collaboration within the Golem community.

GLM Technical Outlook: Should You Buy This Crypto Today?

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

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

GLM’s immediate resistance remains at $0.3746 and 0.4079 – A break above these levels could allow further buying to the $0.4413 and 0.4820 levels.

GLM has closed the “three black soldiers” candlestick pattern on the 4-hour time frame, indicating a strong bearish bias in the short term.

As a result, it appears that investors should wait to enter the market until the GLM completes the 78.6% retracement.