GLMR Price Analysis: Is the correction over for Moonbeam?

•GLMR/USD is currently priced at $3.94 and is down by 11.61% in the last 24 hours

•The trading volume has increased by 1% over the past day

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•The technical indicators suggest the bearish momentum may have peaked 

Short Term View: Technical indicators suggest there may be life left in Moonbeam yet

The Moonbeam price today is $3.94 USD with a 24-hour trading volume of $47,221,431 USD. Moonbeam is down 11.61% in the last 24 hours. The trading volumes have remained fairly stable over the last intraday session, while the Volume to Market Cap Ratio stands at 0.1408.

The start of the year saw Moonbeam prices shoot through the roof as it went on an astounding run, which saw it record it’s all time high of $437.07 a month ago. However, an astounding fall from grace has seen it lose a surprising amount of its value and is trading at a fraction of its value. The coin currently trades below the 20 and 50 SMA on the 4 hour chart, which aptly represents the regressive sentiment surrounding the coin. Moonbeam coin has been in a protracted downtrend for the past month but the bearish sentiment could finally be halted as the technical indicators suggest that the selling pressure has peaked. If the coin continues on its current trajectory, it will find support at $3.60 while the resistance lies at $4.50.

Long term View 

Moonbeam coin is still in the midst of a downtrend but RSI,which currently stands at 31.60 and is nearing the oversold region. Further selling activity could result in a bullish pullover and the coin reclaiming some of its lost esteem and go for a possible bullish rally. The MACD on the other hand is still favoring the bears and trends below the zero line. The direction that the coin takes in the next few days will give us an insight if the price movement was a false dawn or if the coin will go for a breakout. 

Conclusion

Moonbeam has been in the middle of a protracted downtrend which has seen it shed an astronomical amount of its value. The technical indicators such as RSI and SMA, however suggest possible bullish reversal which could go a long way towards salvaging some of the reputation of the coin. The next few days will give us an insight into the future course of the coin.

Support: $3.60

Resistance: $4.50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.