GLMR Price Enters Classic Breakout Mode After High-Profile Crypto Exchange Listing
Key Takeaways:
Moonbeam announced the listing of its native token GLMR on the Upbit exchange.
The token’s price broke out of a bullish pattern.
The bears are defending the higher price levels.
NEW DELHI (CoinChapter.com) — Smart contract platform Moonbeam recently announced the listing of its native token, GLMR, on the South Korean crypto exchange, Upbit.
The South Korean exchange announced support for trading GLMR in the Bitcoin (BTC) market, with trading set to go live on Sept. 25.
Upbit shared that the exchange would only support deposits from the Moonbeam network. Moreover, the exchange warned users that deposits above a certain amount (unspecified in the announcement) were eligible for audits.
However, the listing was not the only bullish cue for Moonbeam’s GLMR token. The blockchain platform, which provides developers with EVM implementation solutions, announced a community event with Polkadot in San Francisco on Sept. 28.
The event will be the fourth in a series of Polkadot Community Meet-up events. Leveraging Moonbeam to use smart contracts on the Polkadot network will be one of the topics of discussion at the event. Moonbeam would likely try to onboard developers to build on its platforms at the event.
GLMR Price Breaks Out Of Bullish Wedge
The listing news-fueled rally helped GLMR price break out of a bullish technical pattern called ‘Falling Wedge.’
In detail, the technical pattern forms when the price fluctuates inside a pair of falling trendlines that converge down the slope. The outcome of such downside patterns is typically a price breakout to the upside.
The upside target for the breakout is equal to the maximum distance between the falling wedge’s upper and lower trendlines.
Per the rules of technical analysis, confirming the pattern could theoretically see GLMR price rise 109.5% to reach the calculated price target of $0.4. Since breaking out of the pattern, the Moonbeam token price spiked by nearly 47% to a multi-month high near $0.28 before bears pared gains.
Bears Force The Moonbeam Token Price To Crab
Meanwhile, profit booking forced GLMR price to pare gains, with long upper wicks on recent daily candles underscoring the bearish pressure against the token. GLMR price spiked nearly 62% on Sept. 25 before bears moved in.
However, GLMR price spiked by nearly 23% on Sept. 27 to reach a daily high near $0.279 before capitulating to the bearish pressure and losing some of the day’s gains.
Moreover, the recent rally helped the Moonbeam token price break above the Feb.-Sept. descending trendline. Bulls must flip the immediate resistance near $0.265 before pushing the GLMR price to the 200-day EMA (green wave) resistance near $0.3.
However, the RSI for GLMR remained overbought, clocking a score of 76.33 on the daily charts. Overbought RSI levels often precede a bearish reversal or a consolidation phase for an asset’s price action. Hence, traders consider the occurrence a bearish indicator and a sell signal.
If buying pressure increases, GLMR price might drop to the 100-day EMA (blue wave) near $0.221. Moreover, breaching the immediate support level might force GLMR price to test the support near $0.201, above its 50-day EMA (purple wave).
The post GLMR Price Enters Classic Breakout Mode After High-Profile Crypto Exchange Listing appeared first on CoinChapter.
Filed under: Bitcoin - @ September 27, 2023 5:19 pm