GLMR Technical Analysis: Bullish Surge Increases $1.40 Breakout
Table of contents
Key technical points:
Past Performance of GLMR
GLMR prices find bullish support at the psychological support of $1 after sellers kept a high-momentum downtrend and cracked multiple support levels. The bullish support helped cushion the downfall and started a sideways trend with overhead resistance at $1.40. However, the growing bullish influence creates a higher low formation generating an ascending trendline which increases the likelihood of a $1.40 breakout.
Source- Tradingview
GLMR Technical Analysis
The recent V-shaped reversal from the support trendline displays an increased buying activity as the demand for GLMR grows overnight. However, the higher price rejection projects a potential profit booking influenced selling spree. The falling trend in the 50(red), 100(blue), and 200(black)-period EMAs maintain a bearish alignment. Moreover, the 50 and 100-period EMAs provide a bearish dynamic resistance to keep the bullish growth in check.
The RSI indicator shows a sharp upside reversal in the RSI slope from the nearly oversold zone to reach the 14-day SMA after breaching the halfway line. Thus, the RSI indicates a higher chance of a bullish breakout. Furthermore, the MACD indicator shows a rest in the bearish phase of the MACD and signal lines increasing the likelihood of a bullish crossover. In a nutshell, GLMR technical analysis displays a high likelihood of a bullish continuation to reach $1.50.
Upcoming Trend
The GLMR traders should wait for the price action confirmation to hop on the breakout rally, which can surpass the $1.50 mark to reclaim the $2 barrier.
Resistance Levels: $1.40 and $1.50
Support Levels: $1.20 and $1