Moonbeam price analysis: is this the right time to hold the GLMR Coin during bounce back?

• Moonbeam coin appears to be in a bullish zone as it bounces back from the 20-day moving average on the daily price chart.
• The GLMR token saw a solid rally with a gain of over 13% over the past 24 hours.
• The GLMR coin belonging to the bitcoin pair is trading with a gain of 13.7% at 0.0001022 Satoshis.

After registering the $1.80 mark as the all-time low on February 20, the Moonbeam coin is looking in the bullish zone so far. As GLMR coin price action is indicating higher-high and higher-low formation and continues to move higher above the upward trendline (blue).

Source: GLMR/USDT by Tradingview 

Moonbeam investors are going to see a bearish weekly close as the asset lost nearly 17% of its cost this week. Despite the retracement phase, the GLMR coin has a 24-hour gain of over 13% according to CMC and the price is trading at $4.30 at the time of writing. Moreover, the GLMR coin is trading with a gain of 13.7% at 0.0001022 Satoshis with respect to the bitcoin pair.

The daily trading volume has been decreasing over the past several days and is suggesting lower liquidations for the GLMR coin. However, the trading volume has increased by 22% in the last 24 hours.

However, in the context of shorter time frames, such as 4-hours and below, the GLMR coin is trading above significant moving averages (including 20,50,100, and 200 EMA). Above the EMA, buyers barely try to manage the price of the coin for a bullish rally.

RSI suggests strength in the GLMR coin’s directional trend

Source: GLMR/USDT by Tradingview 

The Relative Strength Index (RSI) is trading above the halfway line on the daily price chart as well as on the lower time frame. At that time the RSI was present at 57, showing a bullish zone for the Moonbeam coin.

The Average Directional Index (ADX) seems to be flat at 33 points, indicating a bullish trend for the GLMR coin.

Conclusion

Moonbeam coin is looking bullish above the sloping trendline (blue) as bulls turn aggressive above this support area, similarly, the daily RSI and moving average support the GLMR insertos to an upside.

Support level- $3. and $2.0

Resistance level- $5.0 and $10

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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