- The Beam crypto’s performance on the chart is exhibiting bearish features and can reach lower levels.
- The current market price of the BEAM token is $0.09729 with a last intraday decline of 6.50%.
The BEAM crypto was created by the organization named Merit Circle DAO, which is a gaming network with a strong objective to transform the gaming industry.
It was launched in early 2021 and it uses the $BEAM token to let its holders govern the DAO.
Meanwhile, the DAO is a very decentralized and flexible organization that depends on the contributions of its members. The DAO has many skilled and creative participants who act on its behalf.
Some of them are hired by the DAO, while others are volunteers. The stakeholders range from gamers, token holders, and funds to companies and other DAOs.
Precisely BEAM is the crypto asset that powers the Beam network and used as a gas token.
Moreover, this is not limited to only the asset transfers but it also has all smart contract interactions on the Beam network, enabling a very smooth, and immersive gaming experience.
In addition to being a gas token that drives the Beam network, $BEAM is the core of the governance of the Merit Circle DAO.
Will It Continue Declining or Rise Soon?
The BEAM crypto asset has been on a prolonged sideways trend in price but showed a hefty buying momentum in November 2023 from $0.030 to $0.300. However, the Beam price failed to sustain the gains and it plunged again.
The asset performance on the chart of Beam is exhibiting bearish features and can reach lower levels. It has displayed poor performance in the previous week as it fell by 19.51%, signifying a strong downward force.
The BEAM token’s current market price is $0.09729 with a last intraday decline of 6.50%.
Therefore, if it fails to manage the current level, it might slip back to the $0.07500 level and might go beyond depending on the seller’s surge in the market.
On the flip side, if the demand for the BEAM token increases sensationally, its price could bounce back from the current level. The next goal for the BEAM price would be to reach $0.1500.
The BEAM crypto price has displayed a sign of decline as the price fell from a critical level on the charts.
Furthermore, it seems like the asset is headed for a steep drop, as it meets the resistance level and falls to new bottoms from the current support zone.
The BEAM price is showing bearish weakness and falling potential as it drops below the major 20-day EMA, and is approaching supporting EMAs, depending on the seller’s surge it might breach as well.
The Beam chart is showing bearish momentum and the RSI and MACD are falling steadily. It indicates that the asset is not gaining steam and can continue to drop lower.
Summary
The asset performance on the chart of Beam is exhibiting bearish features and can reach lower levels. It has displayed poor performance in the previous week as it fell by 19.51%, signifying a strong downward force.
The BEAM crypto has displayed a sign of decline as the price fell from a critical level on the charts.
Therefore, if the asset fails to manage the current level, it might slip back to the $0.07500 level and might go beyond depending on the seller’s surge in the market.
Technical Levels
Support Levels: $0.07500
Resistance Levels: $0.1500
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.