Will GLMR Price Hit $1 Soon?

• Moonbeam (GLMR) price prediction ranges from $0.3196  to $0.5360
• The analyst predicted GLMR to hit $1 and the token traverses the path as predicted.
• The GLMR bearish market price prediction for 2023 is $0.3196

Moonbeam is a Polkadot network smart contract parachain that uses the delegated proof of stake (DPoS) consensus process and features an Ethereum-compatible environment. Moonbeam is a parachain, which implies it is a Layer 1 chain connected to Polkadot’s Layer 0 Relay Chain.

If you are interested in the future of Moonbeam (GLMR) and would want to know the price analysis and price prediction of GLMR for 2023, 2024, 2025, 2026, up to 2030, keep reading this Coin Edition article.

Moonbeam (GLMR) Market Overview

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What is Moonbeam (GLMR)?

Moonbeam is Polkadot’s Ethereum-compatible smart contract parachain. Moonbeam makes it simple to construct or redeploy Solidity apps in a Substrate-based environment using common Ethereum development tools.

Moonbeam is a highly customized parachain that matches Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more. The Moonbeam platform adds on-chain governance, staking, and cross-chain integrations to the standard Ethereum feature set. Through bridges, Moonbeam integrates and connects Polkadot parachains as well as other chains like as Ethereum and Bitcoin. Derek Yoo of Pure Stake founded Moonbeam in 2019.

On top of Substrate, Moonbeam provides an Ethereum-like environment (rather than a Geth-based solution). This allows developers to quickly reinstall their current smart contracts, utilizing the same tools and integrations as before, but also benefiting from the new Substrate architecture on which all Polkadot parachains are built.

Developers utilizing Solidity or Vyper-based smart contracts may “go multi-chain” and expand their impact into the Polkadot ecosystem thanks to the Moonbeam network. Polkadot’s blockchain provides seamless task sharing on a new layer.

Developers may use Moonbeam to transfer current Ethereum DApps to Polkadot or construct new permissionless decentralized apps (dApps) using familiar Ethereum development tools. When front-end dApps are migrated between chains, Moonbeam’s tools ensure that there is minimum modification. By utilizing Moonbeam, Ethereum developers (the largest market of existing blockchain developers) would be able to avoid the scalability difficulties caused by the Ethereum network’s expense and restrictions.

The Moonbeam project is moving toward decentralized governance. Glimmer (GLMR), the utility token, will act as a gateway for network participants to access the network’s critical functionalities.

Holders of GLMR will be able to submit referendums, vote on them, and elect council members. A representation of Polkadot’s chosen proof-of-stake consensus technique. The added scalability and security provided by a Polkadot sharded design and shared security umbrella help Moonbeam.

Moonbeam (GLMR) Current Market Status

According to CoinMarketCap, the maximum supply of Moonbeam (GLMR) is unknown while its circulating supply is 622,062,046 GLMR coins. At the time of writing, GLMR is trading for $0.3801 which represents a 24-hour decrease of 2.71%. The trading volume of Moonbeam in the past 24 hours is  $6,813,527 which represents a 6.83% increase.

Some of the top cryptocurrency exchanges for trading Moonbeam (GLMR) are Binance, KuCoin, Kraken, Huobi, OKX, and others.

Now that you have known what GLMR is and its current market status, we shall discuss the price analysis of Moonbeam (GLMR) for 2023

Moonbeam (GLMR) Price Analysis 2023

Currently, GLMR is ranked in the 144th position on CoinMarketCap. Will developments and upgrades within the GLMR community lead to a rise in the price of Moonbeam (GLMR)? We shall see this in this Coin Edition price analysis 2023 article

Moonbeam (GLMR) Price Analysis – Keltner Channel

The Keltner channel is a technical indicator introduced by American grain trader, Chester W. Keltner to gauge the volatility of the market. For this purpose, it has three bands; the Upper band, Middle band (EMA), and lower band. 

The upper band is calculated by adding twice the Average True Range (ATR) to the EMA (middle band), while the lower band is calculated by subtracting twice the ATR from the EMA. Moreover, the Keltner bands could also be used to determine the direction of the price movement.

The chart above shows two red rectangles that denote the expansion and contraction of the Keltner channels. When the bands widen it means that there is going to be more volatility. Or in other words, the prices could drastically drop or increase. When the bands squeeze, there could be less volatility, as such, the range of fluctuation would be restricted and the prices could move sideways.  

Additionally, when the price of a cryptocurrency continuously touches the upper or lower band and thereafter touches the opposite band, (which is, if a cryptocurrency continuously touches the upper band and finally touches the lower band, then we could determine that the bullish trend has faded.) This applies vice-versa as well. This behavior could be seen inside the green rectangle. 

Currently, GLMR is testing the EMA after rebounding off of the lower band. GLMR may break the EMA line and move into the first half of the Keltner channel. However, if the EMA line is hard to be broken, then GLMR may abide in the lower half of the Keltner channel. Moreover, since the Keltner channels are parallel to the horizontal axis, GLMR may consolidate in the coming days. 

Moonbeam (GLMR) Price Analysis – Bollinger Bands 

The Bollinger bands are a type of price envelope developed by John Bollinger. It gives a range with an upper and lower limit for the price to fluctuate. The Bollinger bands work on the principle of standard deviation and period (time). Moreover, the upper band as shown in the chart is calculated by adding two times the standard deviation to the Simple Moving Average while the lower band is calculated by subtracting two times the standard deviation from the Simple Moving Average. 

The Empirical law also known as the three-sigma rule or the 68-95-99.7 rule states that almost all observed data for a normal distribution will fall within three standard deviations. As such for a data set that follows normal distribution, 68% of data will fall within 1 standard deviation of the mean, while 95% of data for the normal distribution will fall within 2 standard deviations of the mean and 99.7% of data will fall within 3 standard deviations of the mean. 

Hence, as the Bollinger bands are calculated using two standard deviations, we could expect GLMR to abide within the Bollinger bands 95% of the time. (i.e wherever the cryptocurrency touched the band, the chances of it coming down are 95%.)

Moreover, the sections highlighted by red rectangles show how the bands expand and contract. When the bands widen, we could expect more volatility, and when the bands contract, it denotes less volatility. Currently, the bands are squeezing, hence, GLMR could consolidate.  

However, each consolidation phase has been followed by expanding Bollinger bands, hence this could be the calm before the storm. As such traders should be vigilant in order to make hay while the sun shines. 

Notably, the Bollinger Band behaves very closely with the Keltner channel. For instance, if you were to use both the Bollinger bands and Keltner channel indicators for a cryptocurrency, you would see that almost most of the time both indicators overlap. However, the only difference between with Bollinger band and the Keltner channel is that the Bollinger bands use Standard Deviation while the Keltner channel uses Average True Range for calculating its bands which are the top and bottom limits. 

Moonbeam (GLMR) Price Analysis – Relative Strength Index

The Relative Strength Index is an indicator that is used to find out whether the price of a security is overvalued or undervalued. As per its name, RSI indicators help determine how the security is doing at present, relative to its previous price. 

Moreover, it has a signal line which is a Simple Moving Average (SMA) that acts as a yardstick or reference to the RSI line. Hence, whenever the RSI line is above the SMA it is considered bullish and if it’s below the SMA then it is bearish. When considering the first green rectangle from the left of the chart below we can see that the RSI line (purple) is below the Signal line (yellow). As such GLMR is bearish or losing value as its making lower lows. The second green rectangle shows that the RSI is above the signal. Hence, it is bearish as it is making higher highs. 

Moreover, the RSI compares the gains of the securities against the losses it made in the past. This ratio of gains against the losses is then deducted from the 100. 

If the answer is less than 30, then we call that the price of the security is in the oversold region. This means that many are selling the security in the market, and as such the security is undervalued.  Moreover, as per the Supply-demand curve theory, the price is supposed to drop when there is an increase in supply. 

If the answer is more than 70 then the security is overbought as many are buying. Since many want to buy the security the demand increases which intuitively increases the prices.

Additionally, the RSI could be used to determine how strong a trend is. For instance, when a cryptocurrency is bullish or reaching higher highs, then the RSI line also should be making higher highs in unison. If not it means that although the cryptocurrency is on a bullish trend it is losing value and hence a trend reversal could be lurking around the corner.

However, the RSI could also give false alarms for breakouts. Although we may expect, the prices to retrace if it goes to the oversold or overbought region, the prices also can stay in the oversold or overbought region for an extended period. As such, traders should be wary of it and let the market saturate before making vital decisions. 

Moonbeam (GLMR) Price Analysis – Moving Averages

The Exponential Moving averages are quite similar to the simple moving averages (SMA). However, the SMA equally distributes down all values whereas the Exponential Moving Average gives more weightage to the current prices. Since SMA undermines the weightage of the present price, the EMA is used.

The EMA has a greater reference to the present prices and it is of high utility in the volatile industry of crypto. As such, the EMA is more sensitive to changes, unlike the SMA. 

Whenever the price of cryptocurrency is above the 50-day or 200-day MA, or above both we may say that the coin is bullish (Grey rectangle highlighted section). Contrastingly, if the token is below the 50-day or 200-day, or below both, then we could call it bearish (the green highlighted triangle).  

When looking at the green highlighted triangle in the above chart, we can see that GLMR is way below the 50-day MA and 200-day MA. Although it managed to break the 50-day MA it wasn’t stable. Hence, we could see that GLMR fluctuated above and below the 50-day MA. However, after the Golden Cross, GLMR surged breaking both the 200-day and 50-day MA. 

Since the gap between the 50-day MA and 200-day MA is reducing, there could be a Golden Cross awaiting GLMR. If this is to happen then, we could expect it to rise exponentially above the 200-day and 50-day as it happen during the previous time. 

Moonbeam (GLMR) Price Prediction 2023

When looking at the chart above we could see that GLMR is forming the inverted cup and handle pattern. GLMR’s cup ranges from Support 2 at ≈ $0.3196 and Resistance 2 at ≈ $0.5360. GLMR is forming the handle right now and it seems to make lower highs while its lows have been quite stable. Once GLMR has fully made the handle the prices may fall further. However, Support 1 at $ ≈ 0.3535 has been a formidable level, hence GLMR may rebound on it, as such we may see GLMR trading above $0.5 by the end of 2023. Nonetheless, if the selling pressure is high and GLMR keeps falling down it may seek assistance from Support 2 at ≈ $0.3196. 

Conversely, if GLMR is to surge it may find Resistance 1 at ≈ $0.4361 a hard barrier to break and it could be rejected. However, even if it breaks Resistance 1, there lies another harder obstacle at Resistance 2 ≈ at $0.5360.

But, if GLMR manages to break Resistance 2, then we could expect it to break Resistance 3 and 4 with ease, as those Resistances are weak. As such, we could expect GLMR to reach Resistance 5 at ≈  $0.9025. However, this thesis is negated by the Bollinger bands as they are contracting and the prices could consolidate.

Moonbeam (GLMR) Price Prediction – Resistance and Support Levels

When looking at the chart above we could see that GLMR took a great fall from Resistance 7 to Support 1. Since early May 2022, GLMR has been fluctuating between Resistance 1 and Support 1. Moreover, GLMR has shifted more towards Support 1 rather than Resistance 1.   

Additionally, when considering the chart carefully we could see a period of consolidation between Resistance 1 and Resistance 3. Since the preceding area is familiar fluctuation territory for GLMR, we could expect GLMR to reside within this space in the future. Moreover, the contracting Bollinger bands seconds this thesis.

Moonbeam (GLMR) Price Prediction 2024

Moonbeam (GLMR) price could hold the support level around 200-MA, the long-term moving average of 200 days firmly, buyers will then have ample time and stability to forge the next attack mission on the vital level at $1.73, making it not plummet but play consistently. Additionally, this could only be possible if GLMR breaks through past psychological resistance levels.

Moonbeam (GLMR) Price Prediction 2025

Moonbeam (GLMR) prices might grow past $2.48 during the next three years. Furthermore, hitting this level might not be so tough for GLMR due to new medium, short-term, and long-term price objectives for purchase or sell orders may be discovered. According to the forecast, GLMR has a strong chance of reaching a new all-time high (ATH) price.

Moonbeam (GLMR) Price Prediction 2026

Moonbeam (GLMR) prices might grow past $3.24 during the next four years. Furthermore, hitting this level might not be so tough for GLMR due to new medium, short-term, and long-term price objectives for purchase or sell orders may be discovered. According to the forecast, GLMR has a strong chance of reaching a new all-time high (ATH) price.

Moonbeam (GLMR) Price Prediction 2027

Moonbeam (GLMR) prices might grow past $4.044 during the next five years. Furthermore, hitting this level might not be so tough for GLMR due to new medium, short-term, and long-term price objectives for purchase or sell orders may be discovered. According to the forecast, GLMR has a strong chance of reaching a new all-time high (ATH) price.

Moonbeam (GLMR) Price Prediction 2028

Moonbeam (GLMR) prices might grow past $4.8918 during the next six years. Furthermore, hitting this level might not be so tough for GLMR due to new medium, short-term, and long-term price objectives for purchase or sell orders may be discovered. According to the forecast, GLMR has a strong chance of reaching a new all-time high (ATH) price.

Moonbeam (GLMR) Price Prediction 2029

Moonbeam (GLMR) prices might grow past $5.6862 during the next seven years. Furthermore, hitting this level might not be so tough for GLMR due to new medium, short-term, and long-term price objectives for purchase or sell orders may be discovered. According to the forecast, GLMR has a strong chance of reaching a new all-time high (ATH) price.

Moonbeam (GLMR) Price Prediction 2030

Moonbeam (GLMR) prices might grow past $6.6466 during the next eight years. Furthermore, hitting this level might not be so tough for GLMR due to new medium, short-term, and long-term price objectives for purchase or sell orders may be discovered. According to the forecast, GLMR has a strong chance of reaching a new all-time high (ATH) price.

Moonbeam (GLMR) Price Prediction 2040

According to our long-term GLMR price estimate, GLMR prices could reach a new all-time high this year. If the current growth rate continues, we could anticipate an average price of $15 by 2040. If the market turns bullish, the price of GLMR could go up beyond what we predicted for 2040.

Moonbeam (GLMR) Price Prediction 2050

According to our GLMR forecast, the average price of GLMR in 2050 might be above $32. If more investors are drawn to GLMR between these years, the price of GLMR in 2050 could be far higher than our projection.

Conclusion

As said above, Moonbeam (GLMR) might reach above $0.5 in 2023 and $6 by 2030 if investors have decided that GLMR is a good investment along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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