Cryptocurrencies Golem (GLM) and PlayDapp (PDA) have been experiencing price surges, spiking by 30% and 10% respectively in the past 24 hours. These surges have been driven by various factors. Let’s look at them in detail.
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GLM Surges by 30%
Over the past three days, Golem (GLM) has seen a significant price increase of nearly 40%, climbing from $0.43 to $0.60. This surge follows a period of lower highs and lower lows since the beginning of March, during which GLM found a bottom in mid-April. The formation of a series of higher highs and higher lows has fueled this bullish momentum.
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While such price movements often involve retracements, the current pattern suggests the possibility of further upside potential before a potential pullback. It’s not uncommon for assets experiencing major highs to undergo sharp retracements before the upward trend resumes.
The Just Concluded AI Image Generation Contest Could Have Sparked More Awareness
The recent buzz around the just-concluded Golem AI Image Generation Contest could be a contributing factor to GLM’s price recovery. The contest’s completion may have coincided with increased awareness and belief in Golem’s vision, as participants gained deeper insights into the project’s goals and capabilities.
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Show more +As announced by the Golem Network’s official X account, the contest challenged participants to create AI-generated images representing the Golem Network without depicting any golem creature. The winners were promised rewards in GLM tokens, potentially driving interest and demand for the cryptocurrency.
PlayDapp (PDA) Increases by Over 10%
Meanwhile, PlayDapp (PDA) has also experienced a price surge, increasing by more than 10% today. This rally appears to be driven by a breakout from a descending triangle pattern.
A descending triangle is a bearish chart pattern formed by a horizontal line of resistance and a descending trendline of support. When the price breaks out above the resistance level, it can signal a potential trend reversal and attract bullish attention.
With PDA’s breakout from the descending triangle, bulls may now target the top of the triangle pattern, which is currently around $0.15. Given the current price of approximately $0.08, this implies a potential upside of nearly 88% if the rally continues.
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