BEAM Price Moves Closer to All-Time High – Analysts Bullish

9 months ago 3

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The BEAM price has fallen gradually since its all-time high of $0.027 on December 14, 2023.

Despite the decrease, the price regained footing in 2024 and broke out from a long-term pattern.

BEAM Attempts Breakout

The daily time frame chart shows that the BEAM price created a bullish hammer candlestick on January 3 (green icon), when it had fallen to a low of $0.012. The price has increased since.

After creating a higher low on January 14, BEAM accelerated its rate of increase, creating an ascending support trend line. Today, it is making its third bullish candlestick, breaking out from a horizontal resistance area that has been in place for nearly a month.

The daily RSI is also turning bullish.

The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.

Readings above 50 and an upward trend suggest that bulls still have an advantage. Readings below 50 indicate the opposite. The indicator moved above 50 (green circle) during the bounce, indicating a bullish trend.

What do Analysts Say?

Cryptocurrency traders and analysts on X have a decisively bullish view of the future BEAM trend.

Altcoin Sherpa said that the altcoin is one of his biggest bets for 2024, and he believes it will go much higher.

Godel noted the breakout from the long-term descending resistance trend line, stating that it can lead to much more upside in the future. He tweeted:

Diagonal broken.

S/R flip signaling more upside? No clue, hard to predict short term (fools errand), But i have a feeling this will be much higher soon enough.

Finally, Yakuza urged his followers to “HODL” since the upward movement was starting.

BEAM Price Prediction: New All-Time High Incoming?

The shorter-term six-hour technical analysis gives a bullish outlook because of both the price action and wave count.

Technical analysts utilize the Elliott Wave theory to ascertain the trend’s direction by studying recurring long-term price patterns and investor psychology. The most likely wave count indicates that BEAM is in wave three in a five-wave increase (black). This is evident by the corrective A-B-C structure (white) inside wave two.

The price action supports this bullish count for the altcoin, showing a breakout from a long-term symmetrical triangle and reclaiming the $0.022 horizontal area. Giving waves one and three a 1:1 ratio can trigger a 50% increase to the next resistance at $0.034.