GLM Technical Analysis Jan 24

GLM is stuck in a narrow range around 0.23$ and is at a critical threshold for both upside and downside breakouts. RSI at 41.70 level gives a neutral-bearish signal, while MACD negative histogram and position below EMA20 indicate short-term pressure; however, low volume and BTC correlation make both scenarios possible.

Current Market Situation

GLM is currently trading at 0.23$ level, experiencing horizontal consolidation in the 0.22$-0.23$ range with a 1.56% decline over the last 24 hours. Volume is low at 4.74M$, signaling that no strong directional catalyst has formed yet. Technical indicators show RSI at 41.70 approaching oversold territory but with weak momentum; MACD shows a bearish histogram and the price remains below EMA20 (0.25$), confirming a short-term bearish trend. The Supertrend indicator gives a bearish signal and the 0.29$ resistance forms a strong barrier.

In multi-timeframe (MTF) analysis, a total of 15 strong levels were identified across 1D, 3D, and 1W timeframes: 3 supports/3 resistances on 1D, 2S/2R on 3D, and 4S/2R balanced distribution on 1W. Key supports at 0.2263 (score 65/100), 0.2051 (64/100), and 0.1872 (64/100); resistances at 0.2482 (77/100), 0.2682 (64/100), and nearby 0.2277 (62/100). This structure indicates the price is poised for a breakout in either direction – the channel breakout will be decisive for traders.

Scenario 1: Bullish Scenario

How Does This Scenario Unfold?

For the bullish scenario, a clean breakout above 0.2277 and 0.2482 resistances is required first; this breakout should be confirmed by increased volume and RSI momentum above 50. Passing EMA20 (0.25$), Supertrend turning bullish, and MACD histogram flipping positive are critical triggers. On the 1D chart, a channel upper band breakout supported by a rising trendline formation on 3D would accelerate momentum. BTC recovery toward 89,620$ resistance provides positive correlation for GLM. In this scenario, invalidation occurs with loss of 0.2263 support – if this level fails, bullish probability drops to zero.

Traders can consider long positions on 0.2482 breakout but should place stop-loss below 0.2263. A 50%+ volume increase and rising OBV strengthen the scenario.

Target Levels

First target 0.2682 (score 64/100), followed by Fibonacci extension levels to main target 0.3897 (score 54/100). More aggressive moves could test 1W resistances. Risk/reward ratio with 0.2263 stop and 0.3897 target is approximately 1:6 – attractive but with high volatility.

Scenario 2: Bearish Scenario

Risk Factors

The bearish scenario is triggered by a high-volume break below 0.2263 support; confirmation comes from closing below this level with RSI dropping under 30 and increasing negative MACD divergence. Supertrend remaining bearish and distancing from EMA20 directs momentum downward. 1D channel lower band breakout signals continuation of the downtrend on 3D. BTC failing to break 88,400$ support or rising dominance increases pressure on altcoins. Invalidation level is rejection at 0.2482 resistance – if surpassed, the bearish scenario is invalidated.

Traders can watch for short opportunities on 0.2263 breakout, with stop-loss above 0.2482. Continued low volume and negative news flow heighten risks.

Protection Levels

First protection at 0.2051 (score 64/100), then 0.1872 and long-term 0.0200 (score 4/100) as extreme target. Testing 1W supports could trigger a cascade effect. With 0.2263 stop and 0.0200 target, R/R is around 1:9 – high-risk scenario.

Which Scenario to Watch?

Main triggers: Upside for 0.2482 high-volume breakout + RSI>50 + BTC above 89,620$; downside for 0.2263 breakout + MACD divergence + BTC below 88,400$. Confirmation signals include 4H candle closes, volume spikes, and Stochastic crossovers. MTF alignment (1D+3D in same direction) strengthens the scenario – single timeframe breakouts carry fake-out risk. Monitor detailed data for leverage positions on GLM Spot Analysis and GLM Futures Analysis pages.

Bitcoin Correlation

BTC at 89,434$ with 0.14% decline in downtrend, Supertrend bearish and rising dominance a warning signal for altcoins. GLM shows high correlation to BTC (typical altcoin behavior); if BTC breaks 88,400$ support, pressure on GLM increases below 0.2263, while breaking 89,620$ resistance supports GLM bullish scenario. Watch: BTC supports 88,400$/86,640$, resistances 89,620$/91,191$. If BTC doesn’t stabilize, GLM remains sideways.

Conclusion and Monitoring Notes

GLM at a critical juncture: Both scenarios equally probable, traders should closely track trigger levels (0.2482 up / 0.2263 down) and invalidations. Daily volume increase, MTF alignment, and BTC movements are priority watch points. Adjust positions according to risk management – volatility is high. Long-term, don’t overlook GLM’s fundamentals (project developments).