This article will analyze the GLM coin according to www.coinmarketcap.com data. First, we will discuss the GLM coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is GLM Coin?
Golem (GLM) is a decentralized, open-source supercomputer that allows users to share computing power. The GLM token is the native cryptocurrency of the Golem network and serves as a medium of exchange for transactions within the platform.
Users who require computing resources can pay GLM tokens to those who provide them. In turn, providers receive GLM tokens as compensation for sharing their computer’s processing power and storage space.
The Golem network aims to create a global marketplace for computing power where anyone can buy or sell computational resources in a secure, efficient, and cost-effective manner without relying on centralized intermediaries.
What are the projects of GLM?
In addition to its core functionality as a supercomputer marketplace, Golem has several ongoing projects aimed at expanding its utility and use cases:
Golem Network Token (GNT) Migration: A recent initiative was the migration from GNT to GLM, which involved swapping all existing GNT tokens one-to-one with new ones based on Ethereum’s ERC-20 standard.
Brass Beta Release: This release aims at enabling developers to build applications using distributed computing capabilities provided by Golem
Task API Improvements: Ongoing improvements around task API aim at making it more user-friendly while improving stability across different operating systems
New Use Cases Development: Exploration of new use cases such as AI/ML training; scientific modeling, among others aiming at enhancing adoption rates while creating more value offerings for ecosystem participants.
Concent Service : This is a service that allows requestors of computing resources on the golem network to directly engage providers without necessarily going through the entire matchmaking process
Graphene-ng : Graphene-ng is an open-source software library geared towards speeding up computations in areas of cryptography and multi-party computation protocols using advanced technologies like SIMD vectorization, AVX512F extensions, etc
Factors Influencing GLM Price
The price of Golem (GLM) coin can be influenced by a variety of factors, including:
Market demand: The basic principle of supply and demand applies to the cryptocurrency market, just like any other financial market. If there is high demand for Golem’s computing services or if more people want to hold GLM coins, then the price may increase.
Adoption rate: As more people begin to use the Golem network, its value proposition increases, which in turn could lead to an increase in adoption rates and ultimately drive up the price of GLM.
Partnerships and collaborations: Partnerships with other blockchain projects or tech companies can help raise awareness about Golem’s capabilities and attract new users into its ecosystem. These partnerships could also create new revenue streams for GLM holders which would positively impact its token value.
Competitive landscape: Competition from other decentralized supercomputing platforms could pose a threat to Golem’s growth potential, thereby negatively impacting token prices
Regulatory environment : Cryptocurrencies are regulated differently across various jurisdictions around the world; hence unfavorable regulatory stance against cryptocurrencies in general or Golem specifically might dampen investor sentiment towards this asset class leading to sell-offs that depress token prices
Overall Market Trends: General trends within cryptocurrency markets have been known to influence individual coin prices, including Golem therefore changes in overall trend direction affect buy/sell decisions among investors/traders, influencing token prices as well
GLM COIN TECHNICAL ANALYSIS
After seeing $ 0.8761 in November 2021, GLM dropped 81% by the end of 2022, down to $ 0.1693. Although it went up to $ 0.3100 with the purchases in the market in January 2023, it is currently trading at $ 0.1747. According to www.coinmarketcap.com data GLM, which has a size of $174,544,073, has had a volume of $2,487,480 in the last twenty-four hours.
GLM Coin Chart Analysis
The GLM coin fell 81% from November 2021 to the end of 2022, from $0.8761 to $0.1693. Although it rose to $ 0.3100 with the purchase in the market at the beginning of 2023, it is currently trading at $ 0.1747, just above the 2023 opening price. When we examine the weekly chart, we see that the $0.1693 support is working in the GLM coin. GLM, which we will follow the $0.1693 support this week, can rise to $0.2086 if it can close above this level.
This article does not certain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
