the Moonbeam asset is displaying bullish behavior

The Moonbeam Token price was in an uptrend from the October end of 2023 and symbolized growth over the period of time. The price surged from $0.1600 and reached $0.7200, but at the top, it faced some resistance due to the presence of the supply region and fell to form a support at the $0.4700 price mark.

Since the Moonbeam crypto has exhibited a sign of upcoming northward recovery as the price showed some positive momentum on a crucial level of around $0.4700 on the chart and the GLMR asset is exhibiting bullish strength and rising capacity as it breached dynamic resistance from below major 20-day and 50-day EMA band.

Moreover, the Moonbeam asset is displaying bullish behavior as MACD is at 0.009780, which is above the zero line with a histogram descending towards the zero line. Likewise, the RSI is not near the 70 level yet in the GLMR token, instead it is at 53.06 and approaches 14-SMA to cut from below.

At press time, the Moonbeam crypto is experiencing a surge of 1.12% in the last 24 hours, and currently trading at $0.5475.

Therefore, if the demand for the Moonbeam remains high, the asset price could surge towards the supply level from the current level. The next target for the price is to reach $0.7000, and surpassing this would open doors for $1.0, and more.

However, if the Moonbeam crypto price fails to stay above the $0.4700 level, it could decline further.