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The Golem price has plunged by 10% within the last 24 hours to trade at $0.4668 as of 4:10 a.m. EST.
The plunge comes after an earlier pump that saw the token soar to $0.59 to hit a monthly high.
Golem Price Prediction: Where Is GLM Headed Next?
Analysing Golem price charts, we see that the overall trend leading up to the recent price actions was relatively flat, with the asset trading within a tight range. There was then a significant spike in the Golem price, which retested previous resistance areas.
A large red candle followed the sharp price increase, indicating a solid sell-off hence the price plunge. This could suggest a quick retracement from the breakout levels. The price has settled into a downtrend following this sell-off, heading back toward previous support areas.
The current retracement towards the support area will be crucial for the next move. If the price holds above the support area, it could indicate potential for consolidation before another upward movement. If the price breaks below the support, it could signify a false breakout and a possible trend reversal.
Looking at indicators, we see that the Awesome Oscillator (AO) has a value of 0.0636, showing red bars decreasing in height. This indicates that the bullish momentum that led to the breakout is waning, and there may be a shift toward bearish momentum. The Average Directional Index (ADX) is at 36.46, which suggests a strong bear trend. 
4-hour GLM/USDT Chart | Source: TradingView
Meanwhile, as GLM plunges, many investors are rushing to buy the Slothana (SLOTH) meme coin with less than 24 hours before its presale closes.
A Promising Alternative To Golem
The Slothana crypto is based on a stoner sloth who dreams about transforming his 420 lifestyle into a $420 million market capitalization. The token is following in the footsteps of sloth-themed meme coin sensations like SLERF.
SLOTH on Solana
Slothana (SLOTH) is trying to continue the success of SLERF to become a prominent meme coin on the Solana platform.SLERF – a meme coin on the Solana platform achieved a market capitalization of nearly 500 million in March. However, this meme coin has since lost…
— rkdidisjb (@rkdidisjb) April 25, 2024
Crypto analyst and YouTuber Jacob Bury says SLOTH has the potential to 100x on launch.
SLOTH has already raised an astonishing $15 million and now there are only hours left to join in the fun.
Visit the official website to buy Slothana here. One SOL buys 10,000 $SLOTH.
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