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The cryptocurrency trader and analyst EGRAG CRYPTO predicted in a tweet today that Moonbeam (GLMR) could easily generate 20X returns for investors in the next bull run. Adding to his positive outlook for the altcoin, the analyst also shared his bullish outlook for the Polkadot (DOT) ecosystem.
#GLMR – #Moonbeam Can easy 20X:
— EGRAG CRYPTO (@egragcrypto) August 26, 2023
The #DOT ecosystem will be a major player in the next #BullRun I am putting my bets on #GLMR. #Moonbeam is much more than just an EVM implementation: it’s a highly specialized parachain that mirrors Ethereum’s Web3 RPC, accounts, keys,… https://t.co/ivv4eKeOyc pic.twitter.com/ipLz9dkhAR
At press time, CoinMarketCap indicated that the cryptocurrency was trading at $0.1984. This was after it was able to achieve a 24-hour gain of 3.22%. This positive daily performance was not enough to bring GLMR’s weekly performance out of the red, however, leaving the cryptocurrency down 0.49% for the past 7 days.
With its market cap of approximately $142.037 million, GLMR was ranked as the 158th biggest cryptocurrency project in terms of valuation. This ranked it below Ontology (ONT) with its market cap of $143.288 million, and above Band Protocol (BAND) with its valuation of $142 million.
Meanwhile, the collective market cap of all the projects in the Polkadot ecosystem rose 1.48% over the past 24 hours. Subsequently, the ecosystem’s value stood at $10,663,317,067 at press time. Despite this increase in market cap, trading volume within the Polkadot ecosystem dropped 8.11% – bringing the total down to $396,657,742.
From a technical standpoint, GLMR was attempting to overcome the 9 EMA line on its daily chart at press time. If it closes today’s daily candle above this technical indicator, then it may attempt to close a daily trading session above the 20-day EMA line at around $0.2090 as well. This will then lay the necessary foundation for the altcoin’s price to rise to $0.2450.
Continued buy support may result in GLMR’s price flipping the $0.2450 resistance into support within the next 2 weeks. If this happens, then the cryptocurrency’s ascent may continue towards $0.30 in the following month if investors and traders do not take profit.
On the other hand, GLMR failing to close a daily candle above the 9-day EMA line today may put the altcoin at risk of retesting the crucial support level at $0.1870. This bearish thesis may be invalidated, however, as the RSI line crossed bullishly above the RSI SMA line over the past 48 hours – signaling that buyers had the upper hand.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own 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.