Golem is by far one of my most favorite projects out there, their goal is to decentralize computing (mainly focusing on the CGI scene now) which can be a lot cheaper and efficient that regular render farms or server renting/building. Servers have to be updated with the newest hardware continiously to stay relevant and this cost's a lot of money (hardware/location). Golem offers us a new solution, people around the world collectively join their network and provide it with computing power. Not only can the computing power of this network easily exceed very large supercomputers in the future, but it is also efficient since demand and supply will dynamically scale how many pc's are participating and thus keep energy consumption fairly sustainable climate friendly.
Their main focus and goal is now to provide a service for CGI rendering (Currently supporting Blender) for both coorperations and individuals. From how I observe it Golem is still in it's early phase but once things get going it will be an amazing idea which also uses the blockchain (tokens) for tasks.
I do think Golem can scale much futher than just CGI rendering (current focus) and their real power lies in microprocessing for businesses. If business can borrow computing power from their network for cloudbased computing (think of all the app's you are using all the time) then they don't have to build/update/manage their own expensive servers which can cut a lot of unneccesary costs.
Anyways, from a TA perspective, golem just finished it's major downtrend and broke up from a the resistance line! TA-wise we are expecting a retest of 4 of the Major Downtrend (also shown in the chart) around 8000-9000 satoshis, currently trading at 5000, so nearly a 2x increase from here. After testing this leven we can see small pullback and probably a cup and handle forming, but longterm we are bullish and expect it to break this resistance too, eventually heading to 11000-16000!
Interesting times ahead, I do say it's a good-great hold from here long-term.
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Good luck trading, may the trading gods be with us! -TheTrex
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Golem is currently #40th with a Marketcap of 343B USD, compare this to DOGE on #35 with Marketcap of 548B :)
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Marketcap is in M* not Billion
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Still following my chart
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Golem might do the cup and handle like indicated in green, then after retest and succesfull close above the diagonal line we can see more up movement.
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Golem has not broken some important resistance and is most likely heading for higher price levels!
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^ not = now*
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GNT getting interesting again! MACD 12H and Stoch RSI will break up soon and we almost retested (4) of uptrend, I would definitely buy some now 6400 (probably 50% here) and 50% at 6000, with stoploss below 5500! Target is 7200-7600. This is a great trade!
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If it manages to break above 9000 will be going to 11000-15000, since we have good probability of having entered new cycle and this first uprun wave only first upwave of the 3 major ones.
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Daily MACD about to cross up.
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Golem next wave kicking in?
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Golem is looking bad, mainly due to bitcoin going down, whole marketcap has been bleeding.
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If bitcoin breaks below 6100 I would exit all alts for longterm.
@MarekHoracek, No news to my knowledge or you should look up the golem reddit. For now just trading price action
coinwide
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Gridcoin has a similar concept to provide computing power (mining) to several scientific projects which would need a supercomputer instead to do that work
majorlee
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noticed on poloniex the price was WAY down and under the others, loaded up more after the dump!
heard it got listed on Bithumb today
majorlee
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still looking good mate
run to $1 i reckon!
Poukitoun
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Hi Trex, any reason why you would choose to analyse the price action against BTC and not USD? thanks for your analysis! Golem is a great project that has gone under the radar for a while, it deserves better!
otherwise, nice job and keep up the great work!