On September 25, 2023, Moonbeam (GLMR) pumps 50% in price, a significant increase after a period of relative price stagnation.
The 4-hour chart shows that the price easily moved above the 100-day simple moving averages (SMAs) after gaining bullish momentum.
The recent momentum can be understood as a 2400% hike in trading volume that has been observed in Moonbeam GLMR.
The price of GLMR received resistance around $0.3, right below the 200-day simple moving average. From there, the price reverted back to $0.22 at the support of the 100 day SMA.
If traders are able to show strength again and attempt to drive the price up they can potentially reach to the levels of $0.35.
Upbit Listing as a Major Factor
One major factor that is contributing to Moonbeam’s recent price surge is its listing on the Upbit exchange. The Upbit listing is also a sign of growing interest in Moonbeam from Korean institutional investors.
Should I Buy GLMR?
Overall, the technical analysis on the Moonbeam chart suggests that the price is in an uptrend and could move higher in the short term.
While moving averages suggest potential buying opportunities, there has been no major development or announcement by Moonbeam Network. Which may mean that this price pump was based solely on Upbit listings and won’t turn into a market reversal.
Also Read: BTC & ETH Options Contracts Worth $4.8B To Expire On Deribit
Disclaimer: This is not financial advice. Do your own research before investing in any cryptocurrency. The cryptocurrency market is volatile, and prices can fluctuate wildly. It is important to always do your own research before investing in any cryptocurrency. The information provided in this analysis should not be taken as financial advice.
