Golem Established An Uptrend
Updated
After multiple rejections of hte $0.17 support area, Golem started to rise rapidly, breaking above the 200 Moving Average. As uptrend continued GNT/USD broke above theprevious all-time high at $0.72 and then went even higher breaking the $0.87 resistance, that is 127.2% Fibonacci retracement level.
Althogh the correction down followed and Golem rejected the previous resistance at $0.87, currently acting as a support. It seems that the uptrend is only emerging and Golem could potentially triple in value against USD. The Fibonacci resistance levels should be watchd for rejection, but the final upside target is $3, that is also a strong pshycological level. Only a break below the 200 Moving Average could invalidate bullish outlook.
Althogh the correction down followed and Golem rejected the previous resistance at $0.87, currently acting as a support. It seems that the uptrend is only emerging and Golem could potentially triple in value against USD. The Fibonacci resistance levels should be watchd for rejection, but the final upside target is $3, that is also a strong pshycological level. Only a break below the 200 Moving Average could invalidate bullish outlook.
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