Golem (GNT) is finishing its first green candle against the US dollar (USD) in the weekly timeframe after five consecutive red weeks. This week has been a source of inspiration for the Golem bulls (GNT), as the trend seems to be bucking, as the price has now hit bottom. The weekly chart above for GNT / USD shows that Golem (GNT) has been trading in an uptrend channel against the USD since March 2017. The price of the Golem (GNT) suffered a sharp blow against the USD after its ICO, but it recovered in the months ahead and had a bullish recovery also against both Bitcoin (BTC) and Ethereum (ETH) in the following months. In addition to the rising channel that Golem (GNT) has held so far, the price has been trading in a triangle since the beginning of the year. Golem (GNT) has finally reached the lower limit of this ascending channel and at the same time the bottom of the triangle last month and found a bottom.
The analysis of waveforms for the graph above shows that the price of Golem (GNT) has also been traded under the oversold territory and is strongly undervalued at this point. The gap between the green and red lines is filled in on the wave trend diagram in the table above. 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). The volume price confirmation indicator in the table above has already confirmed the probability 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 edge of a breakout against Bitcoin (BTC), Ethereum (ETH) and US Dollar (USD).
The weekly chart above for GNT / BTC shows that Golem (GNT) is going to complete a green candle against Bitcoin (BTC) as the US dollar (USD) but unlike the US Dollar, this green candle will form after a row of seven consecutive weeks in red! The gap between the green and red lines is also bridged to the trend profile of the waves for GNT / BTC as for GNT / USD. The confirmation profile of the volume price is also similar to that of the US dollar. This shows that Golem (GNT) will probably move against Bitcoin (BTC) and US Dollar (USD) in a similar way in the coming weeks.
In addition to Bitcoin (BTC), Golem (GNT) also made moves against Ethereum (ETH) which was also relatively easier for Golem (GNT) . The weekly chart above 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 beyond the 5 EMA resistance and is now ready to test the upper limit of the triangle in which it is exchanging. At this point, Golem (GNT) is ready for Bitcoin (BTC), Ethereum (ETH) and the US dollar (USD) at the same time. The Golem development team has consistently worked on the project with more zeal and enthusiasm despite the fact that the market capitalization of Golem (GNT) has fallen from billions to millions and has been almost added to the "forgotten list of coins". Golem (GNT) once one of the first twenty coins now ranks 49 with a market capitalization of only $ 169 million! This is extremely undervalued for a project that has no real competition and has achieved such a result 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 registration so that people can see what they did when everyone followed the prices. In markets like these, it's hard to find a team that stays true to its design when it loses its shine for a while. We've seen industry leaders move from one project to another as their original project loses its brilliance 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 started. Julian and his team have done outstanding work and the community needs to give them the appreciation and recognition they deserve.