Is It Too Late To Buy BEAM? Beam Price Soars 13% In A Week And This Might Be The Next Crypto To Explode

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Insidebitcoin2024/10/23 08:06

coin_news.by:Insidebitcoin

The Beam price surged 13% in a week and 6% in the last 24 hours to trade at $0.01974 as of 00:22 a.m. EST on trading volume that skyrocketed 168% to $90 million.

Beam Price Could Continue Soaring

The BEAM/USD chart analysis on the 4-hour timeframe shows that after a recent price downtrend, the bulls have been able to use the support around $0.0142 to push the Beam price on a markup phase, according to data from GeckoTerminal .

The $0.018 resistance allowed the price of Beam to form a rounding bottom pattern, which allowed the bulls to push BEAM to a follow-through above the current price.

As a result of the recent surge, BEAM trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the continued bullish rally.

Moreover, the Relative Strength Index (RSI) is at 70.21, just at the overbought level. This implies that although the current momentum is strong, the price may be approaching a temporary overbought condition, suggesting the possibility of short-term consolidation or a pullback before continuing higher.

The MACD line (blue) is above the signal line (orange) and both are in positive territory, which is a bullish signal. The histogram is also positive, showing increasing momentum to the upside. No sign of bearish divergence yet, meaning the uptrend is still intact.

BEAMUSD Chart Analysis Source: GeckoTerminal.com

Beam Price Prediction

The Beam price chart shows a bullish trend overall, supported by key indicators like the SMAs, RSI, and MACD. While the RSI is near overbought, signaling potential short-term consolidation, the setup looks positive for further upside, particularly if resistance at 0.02000 is broken.

In such a scenario, the bulls could take full charge of the price as they aim for the next possible resistance at $0.024.

However, with the RSI being overbought, it shows that the price of Beam is overvalued and is due for a pullback. If the bears succeed in pulling the price back, the $0.016 support acts as the next possible support level.

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