The Moonbeam (GLMR) Price Breaks Out from Descending Resistance Line
The price of Moonbeam (GLMR) has experienced a significant breakout, increasing by 50% after breaking a descending resistance line that had been in place for 214 days. The price had been in a downward movement since February 9, resulting in a low of $0.16 on September 21, marking a 70% drop from its previous high. However, on September 25, the GLMR price saw a sharp increase, reaching a high of $0.269 before experiencing a subsequent fall. Despite this, the price is still 50% above its daily low.
RSI Supports Continuing Increase
The daily Relative Strength Index (RSI) for GLMR indicates that the increase is likely to continue. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and make decisions regarding buying or selling assets. Readings above 50 and an upward trend suggest that bulls have an advantage, and the RSI has moved above 50 for the first time since the resistance line was established, signaling a bullish trend and indicating that the increase will likely persist.
GLMR Price Prediction: Targeting Resistance Area at $0.36
With the breakout from the descending resistance line, it is probable that the previous downward movement has ended, paving the way for a significant increase in price. The closest critical resistance area is at $0.36, which is created by the 0.5 Fibonacci retracement resistance level and serves as a horizontal resistance area as well. To reach this level, a further 40% increase from the current price is required.
Caution: Failure to Sustain Increase Could Result in Significant Drop
While the GLMR price is currently on a bullish trajectory, it is essential to note that failure to sustain the increase could lead to a 30% drop to the $0.17 support area, negating all of the gains made. Therefore, it is crucial to monitor the price movement closely and be cautious of any potential reversal.
Hot Take: Moonbeam (GLMR) Price Breaks Resistance Line, Indicating Bullish Trend
The Moonbeam (GLMR) price has broken out from a 214-day descending resistance line, resulting in a significant increase of 50%. Supported by the RSI and a bullish trend, the price is expected to continue its upward movement. The next critical resistance area at $0.36 presents a target for further gains. However, caution is advised as failure to sustain the increase could lead to a significant drop. It is important for traders to closely monitor the price action and adjust their strategies accordingly.
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