BEAM Price in Correction Phase: Is Huge Soar Hoped After Breakout

MD– Beam price has performed negatively for the past few months, and sellers are dominating. RSI has demonstrated a bullish forecast.

• The Beam price has risen by 41% in the last 16 days and extended to the 20-day EMA.
• Sellers have failed to develop a new lower low, which indicates the buyers’ strength.

BEAM price has displayed weakness for the past few months, and buyers are struggling to bounce back. Since March, the Beam crypto price has declined by 70%, which showcased the sellers’ dominance.

Since March, the digital asset price has declined through a falling channel. Buyers have attempted multiple times to exceed the upper trendline but have failed to do so. At press time, the price had surpassed the 20-day EMA and was heading for the 200-day EMA.

After a bearish trend, it seems that the Beam price has found the bottom and is ready to rebound. Based on the historical chart, the price has lost the major support level of $0.0165.

BEAM Price Analysis

Beam crypto was being traded at $0.0135 at press time and has risen by 3.33% in the past 24 hours. It has a circulating supply of 49,466,004,168 BEAM, and the total supply is 62,434,008,330 BEAM.

The market capitalization was $673.00 Million, and the 24-hour trading volume was $15.04 Million at the time of writing. It has a fully diluted market cap of $852.93 Million.

Is Selling Expected in BEAM Crypto Price After the Bounce Back?

Based on a source on X, the Beam price may show weakness near the $0.0180 hurdle. The price has recovered from the lower zone and is heading for the lower-high territory.

$BEAM CONDITIONAL LONG

• Looking for a 1D close above 0.0135 followed by a retest on 4h to enter the trade ( squiggle for reference)

Looking to target the sell-side OB at 0.018 if we get the trigger and entry for the trade.

Risking 4.75% SL for an 8.8RR trade.#BEAM… pic.twitter.com/JMOwU30KUb

— Scient (@Crypto_Scient) August 20, 2024

In the lower-high territory, sellers are expected to dominate, and a sharp fall can be anticipated. The price is likely to melt to the $0.0100 mark after facing rejection from the $0.0180 hurdle.

BEAM Price Technical: Could the Buyers Manage to Trigger Breakout from Channel?

The technical chart showed that the BEAM crypto price has fallen in a descending channel. The price has reached a crucial breakout level and exceeded the 20-day EMA.

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Strong buying can be seen if the BEAM price status is trading over the channel and exceeds the 200-day EMA. 

Suppose the trading volume increases at the breakout, which may boost the bullish momentum. Also, a huge surge in the Beam price can be seen.

Alternatively, sellers may eye for a new lower low if the digital asset price faces resistance from the upper trendline. It would be a bearish sign if the price slips below the $0.0110 level.

Turning to the technical indicators, the RSI has developed a bullish divergence, which is a bullish sign. The price has surpassed the Base Bollinger Band and is heading for the Upper Bollinger Band.

Beam Price Forecast

Based on the BEAM crypto price analysis, the market appeared to be in a correction phase. The price has shown signs of a potential rebound, with buyers struggling to regain strength. However, selling pressure is expected near the $0.0180 hurdle, which could trigger a sharp fall to the $0.0100 mark.

On the technical side, Suppose the BEAM price breaks out from the descending channel and exceeds the 200-day EMA with increased trading volume. It could signal strong buying momentum and a potential surge in the price.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.