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- 1 The Santiment chart indicates that the Moonbeam price is stabilizing, with a gradual reduction in volume suggesting less price volatility.
- 2 The Moonbeam crypto experienced a surge of 1.12% in the last 24 hours, and was trading at $0.5475 at press time.
Moonbeam stands as a smart contract parachain that aligns with Ethereum, streamlining the process for developers to employ familiar Ethereum tools within a Substrate framework. This compatibility facilitates the effortless migration or initiation of Solidity-based projects. Additionally, Moonbeam enhances the connectivity across Polkadot’s parachain ecosystem and establishes bridges to other blockchains like Ethereum and Bitcoin.
Correspondingly, it is Positioned on Substrate rather than a Geth-based architecture, Moonbeam presents an environment akin to Ethereum’s, allowing for the straightforward transfer of existing contracts. This is bolstered by the contemporary infrastructure of Substrate, which underpins all parachains in the Polkadot network.
Moving towards a decentralized governance model, Moonbeam’s native token, Glimmer (GLMR), unlocks network functionalities for its holders. These participants are empowered to engage in the governance process, from proposing changes to voting and selecting council members, mirroring Polkadot’s nominated proof-of-stake mechanism. The platform gains massively from Polkadot’s shared structure, which affords additional scalability and a robust security framework in GLMR.
Is Moonbeam Crypto About To Sky Rocket Soon For $1.0?
The Moonbeam Token price was in an uptrend from the October end of 2023 and symbolized growth over the period of time. The price surged from $0.1600 and reached $0.7200, but at the top, it faced some resistance due to the presence of the supply region and fell to form a support at the $0.4700 price mark.
Since the Moonbeam crypto has exhibited a sign of upcoming northward recovery as the price showed some positive momentum on a crucial level of around $0.4700 on the chart and the GLMR asset is exhibiting bullish strength and rising capacity as it breached dynamic resistance from below major 20 and 50-Day EMA bands.
Moreover, the Moonbeam asset is displaying bullish behavior as MACD is at 0.009780, which is above the zero line with a histogram descending towards the zero line. Likewise, the RSI is not near the 70 level yet in the GLMR token, instead it is at 53.06 and approaches 14-SMA to cut from below.
At press time, the Moonbeam crypto had surged 1.12% in the last 24 hours and was trading at $0.5475.
Therefore, if the demand for GLMR remains high, the asset price could surge towards the supply level from the current level. The next target for the price is to reach $0.7000, and surpassing this would open doors for $1.0, and more.
However, if the Moonbeam crypto price fails to stay above the $0.4700 level, it could decline further.
Volume And Volatility Analysis Of Moonbeam Token
The trading volume of GLMR crypto against price are indicators of the asset’s trading activity.. These figures fluctuate, reflecting the asset’s price volatility. On the Moonbeam daily chart, these metrics are key to understanding the price movement.
The GLMR chart previously showed a correlation between rising prices and increasing volume. However, as the price peaked, it began to fall, accompanied by a decrease in volume. Currently, the Santiment chart indicates that the price is stabilizing, with a gradual reduction in volume reflecting low price volatility.
Furthermore, the relationship between price, volatility, and trading volume indicates that as the volume decreases, so does the volatility. This pattern suggests that there may be an impending shift in momentum for the price of GLMR, as it is currently stable with low volume and reduced volatility.
Summary
Moonbeam Token (GLMR) has been on an upward trend since late October 2023, with its price increasing from $0.1600 to a high of $0.7200 before encountering resistance and dropping to establish support at $0.4700.
The token has shown signs of a potential upward recovery, with positive momentum around the $0.4700 mark and bullish indicators such as breaching the 20 and 50-Day EMA bands. Technical indicators like the MACD at 0.009780 and the RSI at 53.06 suggest a bullish outlook. Currently, GLMR is trading at $0.5475, up 1.12% in the last 24 hours.
Additionally, the trading volume is correlated to its volatility, which are key indicators of GLMR’s trading activity and reflects price volatility. A decrease in volume has been associated with less volatility, indicating a possible shift in momentum for GLMR’s price, which is currently stable with low volume and reduced volatility.
Therefore, if the demand for GLMR remains strong, the price could potentially rise towards the $0.7000 mark and beyond. Conversely, if it cannot maintain support above $0.4700, there may be a risk of further decline.
Technical Levels
Support Levels: $0.4700
Resistance Levels: $0.7000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
