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Moonbeam (GLMR) Has Risen More Than 70% In the Last 7 Days, What Is the Reason?

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Moonbeam (GLMR) Has Risen More Than 70% In the Last 7 Days, What Is the Reason?

Glimmer (GLMR), the utility token of the smart contract platform – Moonbeam Network, has pumped up more than 70 per cent in the last 7 days attracting investors from all over the world.

According to CoinMarketCap, GLMR, shot up by more than 20 per cent in the last 24 hours to now stand at $5.68. In the last 7 days, it has increased by a whooping 87.76 pe rcent. The token has a total market capitalization of $1,178,423,443 and is currently ranking at 86.

Moonbeam (GLMR) Has Risen More Than 70% In the Last 7 Days, What Is the Reason?

Moonbeam Is Currently Above Resistance

Moonbeam (GLMR) Has Risen More Than 70% In the Last 7 Days, What Is the Reason?

Over the past week, Moonbeam (GLMR) has maintained a bullish run with investors gushing in to take advantage of the trend. Moonbeam price is currently above resistance. With support set around $2.87 and resistance at $3.39, Moonbeam is potentially in a volatile position if the rally burns out.

As per analytics firm, InvestorsObserver, GLMR’s risk gauge is at medium risk, which means the price of the cryptocurrency can move pretty quickly, but it is relatively in proportion to the value of the Moonbeam being traded. In its latest report, Investors Observer wrote,

“A medium rank means the price can still move around a lot, but the price is less likely to be manipulated and big moves will likely mean increased interest in trading Moonbeam.”

According to the analysis, GLMR has earned a Short-Term Technical Score of 99. This means that the cryptocurrency’s trading pattern over the last month has been bullish, without getting too over-extended. This parameter is useful for short- to medium-term traders. The analytical firm went on to add,

“Our scores are percentile ranked, which means that a score of 99 is more bullish than 99% of cryptocurrencies”

Moonbeam (GLMR) Has Risen More Than 70% In the Last 7 Days, What Is the Reason?

Moonbeam’s Price Prediction

Moonbeam (GLMR) Has Risen More Than 70% In the Last 7 Days, What Is the Reason?

In terms of volatility, GLMR has scored a rank of 64 which places the token somewhere in the middle. This means that while the price may move around quite a but is not likely to have wilder swings as compared to other much more volatile cryptocurrencies. InvestorsObserver said that GLMR has received a Sentiment Score of Bullish. It said that in the current momentum, investors are more positive than negative.

As claimed by analytical firm, PricePrediction, moonbeam price for 2022, will witness an average price of $3.59 this year before reaching around $5.38 in 2023. In 2024, the coin could reach $7.74, the site says. The pattern of an annual rise continues into 2025, when the GLMR price prediction suggests it could break through $10 to trade at $11.02.

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