- BEAM coin price advanced by 8.38% during the weekly trading session.
- Technical summary suggestes buy signals in the current phase.
Launched in March 2018, Beam (BEAM) runs on a combination of two blockchain protocols (LelantusMW and Mimblewimble). Beam is a confidential decentralized finance (DeFi) platform. The platform keeps the system cleaner and more secure by allowing financial counterparties to make safe, stable, and reliable transactions.
BEAM Coin Price Gave Over 200% Return in One Year
BEAM coin price started a major rally from the $0.0244 extreme support level in October 2023. The price surged more than 180% to the $0.0676 resistance level.
Intrigued by the change, crypto investors assembled on the $0.0484 decisional demand level. As a result, BEAM coin price made a huge bullish candle on a daily timeframe on December 2, 2023 which is a complete turnaround in the BEAM coin price.
The price surged over 500% in a single impulsive bullish candle to the $0.3007 resistance level. Afterward, BEAM coin price made several bullish corrections but failed to break above the $0.1666 immediate resistance level.
Recently, BEAM coin price has started a rally from the $0.0847 support level, which is currently in progress. BEAM price is 95.87% below its all-time high level of $3.18. 24-hour volume has decreased by 133.97%.
Technical Analysis of the BEAM Coin Price
BEAM coin price is moving above the 50 and 200-Day EMAs, reflecting a bullish trend. Recently, the price rebounded from the 50-Day EMA, which can also boost the current market price toward the $0.1666 resistance level.
The BEAM coin price has formed resistance at the $0.3007 level. Afterward, the price fell over 70% to the $0.0847 support level. It formed a short-term high level at $0.1666 during that fall, which is currently becoming a resistance level for the price.
At press time, the price is trading at the $0.1292 level. It started a bullish rally from the $0.0847 support level and is moving toward the $0.1666 immediate resistance level. If price closes above that resistance, it may be seen rising toward the $0.3007 resistance.
Furthermore, the relative strength index (RSI) slope reflected an internal bullish divergence in the momentum, indicating more strength in buyers’ favor. The RSI is sloping at 64.58 above the signal line.
Conclusion
The BEAM coin price has been moving in an uptrend since November 2023. The price formed an immediate resistance at the $0.1666 level. Alternatively, the RSI has shown an internal bullish divergence, indicating more buying strength. The current price is moving toward the immediate resistance. If the price succeeds in closing above that, then it may be seen rising toward the $0.3007 resistance.
Technical Levels
- Resistance Levels: $0.1666 and $0.3007
- Support Levels: $0.0954 and $0.0676
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.