GLM, with a sharp 3.58% drop on the daily chart, is leaning on the critical support at $0.1533 at the $0.16 level, with RSI at 28.90 trying to catch a breath in the oversold region; however, under Bitcoin’s downtrend pressure, a cautious outlook prevails for altcoins.
Market Outlook and Current Situation
GLM is trading at $0.16 with a 3.58% drop in the last 24 hours, and its 24-hour range remained limited in the $0.15-$0.17 band. Volume is low at $2.99 million level, while the overall trend is confirmed as downtrend. This movement reflects the general weakness in the altcoin market; especially in an environment where Bitcoin’s consolidation around $65,750 is pressuring altcoins, GLM’s squeeze below EMA20 ($0.18) shows the dominance of short-term sellers. The market, after the volatility in recent weeks, shows a flattening tendency, but daily candle closes carry bearish momentum supported by negative histogram.
When examined in a multi-timeframe (MTF) context, GLM shows a total of 8 strong levels across 1D, 3D, and 1W charts: 1 support/1 resistance on 1D, 2 each on 3D, and 2 supports/4 resistances on 1W. This confluence indicates the price is squeezed in the $0.15-$0.27 range, while low volume limits breakout potential. The stagnation observed in GLM’s spot market reflects investors’ risk aversion and points to liquidity issues in the overall crypto ecosystem.
The lack of major GLM-specific news flow recently makes price movements dependent on technical factors. This situation requires traders to be more cautious in leveraged positions via futures. As the market approaches the lower band of the downtrend channel, an increase in volume is expected for a potential recovery.
Technical Analysis: Key Levels to Watch
Support Regions
On the daily chart, the strongest support is positioned at $0.1533 (strength score 82/100); this level is at the intersection of recent weeks’ lows and Fibonacci retracements on 1D and 3D timeframes. If the price pulls back here, a secondary region around $0.14 from additional supports on the 1W timeframe may come into play. A break of these supports could trigger acceleration toward bearish targets ($0.0889), as MTF confluence is concentrated here. Traders should be alert to a daily close below $0.1533; this level carries critical importance as a natural extension of the 20% drop over the last 30 days.
Resistance Barriers
The first resistance is at $0.2714 (score 64/100), with the Supertrend indicator pointing to $0.20 as a short-term barrier. With EMA20 ($0.18) already unbreached, the 6 resistance confluences on 3D and 1W timeframes (4 out of total 8 levels on 1W) strengthen this region. In a bullish scenario, the $0.2109 target (low score 7) is reachable only with a volume-backed breakout; otherwise, the price may be rejected from resistances and remain in the downtrend channel. These barriers serve as sellers’ defense lines and align with recent rally highs.
Momentum Indicators and Trend Strength
RSI (14) at 28.90 signals oversold territory (below 30); while this points to short-term bounce potential, the lack of divergence indicates the trend’s strength persists. MACD shows a negative histogram and bearish crossover below the signal line, with the narrowing histogram implying slowing momentum. With price below EMA20 ($0.18), EMA50, and EMA200, the downtrend’s integrity is confirmed; Supertrend gives a bearish signal emphasizing the $0.20 resistance.
In terms of trend strength, the ADX indicator (around 25) shows moderate downtrend power, while low volume profile increases continuation risk. On MTF, the 1W Supertrend being bearish reinforces long-term pressure. The RSI oversold condition serves as a warning against false breakouts; however, MACD’s bearish structure predicts limited recoveries. Overall, momentum is bearish-leaning but setting the stage for a short-term relief rally.
Risk Assessment and Trading Outlook
In risk/reward ratio, the bearish target $0.0889 (score 22) dominates the bullish $0.2109 (score 7); from current $0.16, R/R to bearish target is about 1:1.8, and 1:1.3 to bullish. Under downtrend dominance, a break below $0.1533 support could bring aggressive selling; if it holds, a test toward $0.18 is likely. With low volatility, sudden volume spikes should be monitored – oversold RSI carries bounce risk. Long-term outlook is cautious; aggressive longs are risky without a liquidity turnaround in the broader market.
In a positive scenario, a BTC recovery breaking $0.20 Supertrend could lead to $0.27; in the negative, a cascade below $0.15 could drop to $0.09. Traders should position stop-losses below support to hunt asymmetric opportunities. Overall outlook has bearish bias, but MTF support confluence offers bounce potential.
Bitcoin Correlation
Altcoins like GLM are directly affected by Bitcoin’s downtrend; with BTC down 3.39% at $65,750 testing $64,323 support, selling pressure on altcoins is increasing. BTC’s main supports are $64,323, $62,268, and $60,000; breaks here could push GLM below $0.15. Resistances at $65,663, $68,193, and $71,069; BTC Supertrend bearish signal limits altcoin rallies. GLM’s weak correlation against BTC dominance (around 0.75) leads to amplified losses in BTC drops – if BTC stays below $64K, $0.1533 defense becomes critical for GLM.
This analysis uses Chief Analyst Devrim Cacal’s market views and methodology.