The post Is This Pullback Legit Or A Trap? appeared on BitcoinEthereumNews.com.

The Moonbeam token (GLMR) price was trading inside a falling wedge pattern and rose from its lower trendline support of $0.1800.  This week, GLMR pulled back and spiked over 30%, revealing that investors had bought the dips and accumulated the token. Meanwhile, the token is still trying to overtake the 20-day EMA mark to stretch the bullish wave, but signs of rejection were noted.  A short covering move may be seen once the token succeeds in climbing above it. Meanwhile, if it fails to do so, the selloff may extend, and the token will breach its primary support zone of $0.1700, which might retest $0.1500 ahead. At press time, GLMR was trading at $0.2191 with an intraday gain of 6.24%, reflecting a rebound on the chart. It has a monthly return ratio of -29.30% and -24.20% yearly, reflecting a downtrend. The pair of GLMR/BTC is at 0.00000354 BTC, and the market cap is $191.96 Million. Analysts are bearish and suggest that the GLMR may deliver volatile moves ahead and continue dragging the gains ahead. Moonbeam (GLMR) Revived From its 52-Week Low, What’s Next? This week, GLMR settled around its 52-week low mark of $0.1600 and witnessed a notable rebound of over 25%. However, the sellers were looking confident and tried to push the token below the trendline support to extend the fall. The price action revealed the lower top and lower bottom swings and was trading below the significant moving averages. The $0.2600 mark is the prompt resistance, while $0.1600 is the prompt support level. Source: Santiment For weeks, the sentiment was negative, and pullbacks were converted into a sell trade, which led to a sharp distribution of over 58% in the past two months. Amidst the token soaring from its oversold trajectory, its long-term projections still looked negative. Meanwhile,…

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Filed under: News - @ June 28, 2024 6:24 pm