Moonbeam (GLMR) is taking many investors by surprise due to its massive percentage of increases within a short while. So, there’s an increase of more than 70% and 120% in the weekly and monthly charts. Continue reading as we explore the chances of Moonbeam (GLMR) getting to $500.
What is Moonbeam?
- Before talking about the massive increases happening to this token, let’s take a look at what Moonbeam stands for. So, it is an Ethereum-compatible smart contract parachain on Polkadot. Furthermore, it makes the use of popular Ethereum developer tools to build Solidity projects in a Substrate-based environment easy. There are so many things that make this project very unique from many others. So, one of them is that it mirrors Ethereum’s Web3 RPC, accounts, keys, subscriptions, logs, and more.
- Having Ethereum compatibility is one of the unique features of Moonbeam. Apparently, having this feature allows developers to use existing Solidity smart contracts. They don’t have to rewrite or reconfigure the codes. Moreover, it allows interactions with Moonbeam using your existing Ethereum H160 accounts & ECDSA signatures. So, Moonbeam is a parachain that facilitates interactions between Polkadot and other blockchains. The existence of this project was in 2019, but it is growing to become a reputable force. One can see this with the massive surge happening within the native token, Moonbeam (GLMR).
Chances of Moonbeam (GLMR) Reaching $500
- In the price analysis of Moonbeam, analysts say there’s a chance of this token reaching as much as $500. Recently, investors received shocks due to the massive percentage of increases in the price of this token. In fact, even the 50 and 200-day daily moving averages (DMAs) show bullish trends.
- Nevertheless, the bears aren’t completely out of the future. In the price charts, there were times when they tried taking over the trend line. But the bulls are very resilient. Apparently, the value of RSI is 69.20 points. Furthermore, the 14 SMA is above the median line at 64.88 points. This can only mean one thing, and that is that Moonbeam is very bullish.
Current Price Update for GLMR
- In the latest price update for Moonbeam, the token is still climbing to new levels. In fact, the massive increase is not only around the price. There’s also a massive price increase in the daily trading volume of this token. So, the chart shows there’s an increase of more than 50% in the daily chart. Furthermore, the trading volume of this token is now more than $170 million. On the other hand, the market cap of this token is close to reaching half a billion dollars.
Conclusion
Moonbeam (GLMR) is having a good time in the crypto market, with massive increases here and there. So, there are predictions that this token’s price will reach as much as $500. Moreover, the 50 and 200-day daily moving averages (DMAs) of Moonbeam (GLMR) are taking bullish positions. Nevertheless, traders and investors need to be careful with their trades and investments.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
