Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The market structure was bearish, and the trend remained downward.
• Another drop below $0.3 was a likelihood, according to the Fibonacci extension levels.

The Moonbeam Network saw the launch of the Prime Protocol recently, following Polkadot’s [DOT] partnership with the same. This was an effort to establish the first cross-chain decentralized finance (DeFi) protocol, which allows users to manage their assets across multiple chains from a single location.

Prime Protocol, the first cross-chain DeFi protocol that lets users easily manage assets across multiple chains, has joined the Polkadot ecosystem, successfully launching on the @MoonbeamNetwork parachain.

This technology is revolutionary in the crypto space, and will… https://t.co/0JueKviH3e

— Polkadot (@Polkadot) May 10, 2023

Read Moonbeam’s [GLMR] Price Prediction 2023-24

As Polkadot’s Ethereum-compatible smart contract para chain, the purpose of Moonbeam is to allow developers to construct Solidity apps in a Substrate environment.

However, its utility token Glimmer [GLMR] did not see a happy story unfold for the buyers over the past year. Market sentiment was unfavorable for long-term investors, and traders can anticipate further losses.

The downtrend was perpetuated after the bears smashed pa
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Author: Akashnath S

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