Hourly chart: GLM has recently experienced a significant rise in a short time, quickly breaking from around 0.46 to a high of 0.62, an increase of nearly 35%. Subsequently, the price has shown some fluctuations at high levels, indicating certain selling pressure. In the short term, bullish strength is strong, but signs of high-level consolidation are worth paying attention to.
4-hour chart: From a mid-term trend perspective, GLM has started to oscillate upward since the low point around 0.26 at the beginning of November, accelerating its rise between November 25 and 26, forming a strong breakout. The moving average system shows a bullish arrangement, especially the MA5 and MA10 moving averages are strongly upward.
Support and resistance levels: The strong resistance range near the current price is 0.62-0.63, which is the level that failed to break through after yesterday's high, and is also the short-term target for bulls.
RSI (Relative Strength Index): Currently in the overbought zone, indicating that there may be some pullback risk in the short term.
MACD: The bullish histogram is significantly elongated, and the fast and slow lines show a clear bullish trend at high levels, but caution is needed for divergence signals after volume increases.
Main trend direction: Overall maintaining a bullish trend, but there may be short-term oscillation adjustments.
Possible operating range: 0.58 (support level) - 0.63 (resistance level).
If the price holds above 0.58, bullish strength may continue to push for an upward breakthrough, targeting around 0.65; if it drops below 0.57, it may enter a high-level adjustment range.
First support level: 0.57 (MA10 moving average pullback support range)
Second support level: 0.52 (breakout point of the previous oscillation platform)
Stop loss level: 0.50 (if this level is breached, it may short-term turn into an adjustment)
Target level: 0.63 - 0.65
Short-term operation: When the price retraces to the 0.57-0.58 range, consider light low buying, setting the target level at 0.63, with the stop loss below 0.55.
Medium-term layout: If the price can stabilize around 0.60-0.61, consider gradually building long positions, targeting up to 0.65.
High position risk: If the price directly hits 0.63 and fails, it is advised to be cautious in chasing higher, and consider gradually taking profits at high positions.
Due to the significant rise of GLM recently, market sentiment is relatively hot, and there is a need to be cautious of profit-taking risks. Observe today's trading volume changes; if the volume does not increase significantly, the sustainability of the high-level breakout may be weak. Closely monitor overall market sentiment and Bitcoin price trends as a barometer of market sentiment. GLM is currently in a strong phase, and if it holds the 0.57 support in the short term, there will be opportunities to challenge new highs at 0.65. Operations should remain cautious, controlling positions, avoiding chasing higher prices, and patiently waiting for entry opportunities after adjustments.
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