GLM bears are coming: the rebound is shattered and the decline continues!
Judging from the 4-hour K-line chart, GLM did not continue to rise after breaking through the high of $0.64, but quickly turned into a unilateral downward trend. Although it rebounded to $0.55 in the short term, it immediately retraced after encountering strong resistance, and the short signal became more obvious. Market sentiment continues to be depressed, and technical indicators suggest that it is still difficult to reverse in the short term.
The short-term moving average is suppressed by the dead cross, the price remains below the moving average, and the continuous negative line and frequent upper shadow line indicate that the bulls are unable to fight back, and the market is still dominated by the bears.
The market is in deep weakness and we need to be wary of the possibility of further price declines. If it fails to break through the short-term resistance range, the short market may continue to extend, and investors should adjust their strategies in a timely manner to avoid chasing higher prices.
The short trend has not changed. We should operate with caution in the short term and pay close attention to the key support level. If it falls below $0.55, it may usher in a deeper correction. Stay flexible and make timely decisions.
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