GLM Bear Market Approaches: Rebound Fails, Weak Pattern Deepens!
From the 4-hour candlestick chart, GLM surged from a high of $0.64 before quickly entering a one-sided downtrend. Although there was a brief rebound to $0.55, it faced strong resistance and fell again, making the bearish trend increasingly apparent.
Technical Analysis:
The short-term moving averages have formed a dead cross, exerting strong pressure, with prices consistently operating below the moving averages, lacking rebound momentum. Continuous bearish candlesticks indicate sustained selling pressure, and market sentiment is extremely pessimistic. Frequent upper shadows suggest bulls are attempting to fight back but are repeatedly obstructed, indicating weak buying interest in the market.
Currently, the market evidently lacks upward momentum, with the bearish pattern dominating, and there remains significant downward pressure in the short term. Investors should remain cautious and monitor whether the support level at $0.55 can be maintained. If it is breached, it may exacerbate the downward risk. Follow Lao Lin for more insights into market dynamics, the latest market information, and trading tips.
