1 cent GLX should not be bullish but it is
Since my pubication yesterday, GLX has experiened a minor resurgence, climbing up to 0.8 of 1 cent. Generally speaking, any rise in the value of a token is considered to be bullish and GLX is no different.
Despite the pumo, I find it hard to feel particularly optimistic about GLX token as a whole. I feel like there is still so much to come from the token and a minor pump is not exactly cause for celebration.
For the most part, GLX token is only responding to the relief from dumping that the general market experienced. In this short period, we have seen Hive "soar" to 34 cents range and maintain this astronomical value.
In case the sarcasm in the previous paragraph was missed, I'm saying that Hive's current market value is not exactly something to throw a parade over. Yes, it is nice to see assets pumping but overall, there's so much to be desired about the market.
The Market
Most Hive-based assets are trading at levels far below any prediction anyone could have envisaged. The general market's collapse had a detrimental effect on Hive and related tokens, bringing them to where we are today.
Another thing to take note of is that while the assets are pumping ever so slightly, there's no sign pointing at an end to the bear market that has held us to a standstill. As far as I'm concerned, we are still going to need at least 5 months of this kind of minor pump or one massive, face-melting, knee-shaking, earth-shattering and balls-breaking pump to get out of this ditch.
The funny thing is, I'm not even saying the massive pump will get us to bull season, we need the massive pump to simply get to a neutral zone of sorts. The market as a whole has been in such bad shape that simply getting it to start looking forward will be a massive task.
We simply need to get to where we were before everything went down the toilet and at this point, that will require crazy levels of pump. I mean, we're talking about getting Bitcoin back to $40-$45k range and seeing Hive trading above $1.
In today terms, numbers like that will accompany endless eulogical pieces about the insane bullishness in the market but if you zoom out, you'll find that we simply just got back to start point.
Posted Using LeoFinance Alpha
