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The Beam Price surged by almost 12.67% last week, showing bullishness. Gaming tokens are surging high following the Bitcoin rally.
The BEAM crypto is trading in the bullish zone above the key moving averages, showcasing bullishness. Gaming tokens like BEAM, GALA, and Sandbox have recently shown a remarkable surge following the Bitcoin rally.
One of the main reasons for this recent upward move is whale activity. Data from Lookonchain shows that a prominent wallet address switched their position from PEPE to Shiba Inu (SHIB), Decentraland (MANA), The Sandbox (SAND), and GALA (GALA). The whale sold their 1.97 trillion PEPE holdings, worth $6.07 million, at a profit of $3.49 million.
The wallet address then bought 75.9 billion SHIB (worth $893,000), 1.6 million MANA (worth $1.07 million), 2.43 million SAND (worth $1.48 million), and 36.88 million GALA ($1.46 million). Continued buying pressure from large wallet addresses is likely to boost further gains in gaming tokens.
About Beam Crypto
The $BEAM token serves as the native crypto asset for the Beam network, a gaming network powered by the Merit Circle DAO. Beam is an ecosystem where gamers and developers come together to shape the future of the gaming industry.
One of its key components is the Beam SDK, which is a versatile software development kit that enables game developers to choose from a range of tools that can be used to fuel and structure their in-game blockchain elements.
To interact with Beam, the $BEAM crypto is required. It is the native crypto asset used within the Beam network to pay for transactions. It covers assets transfers and involves all interactions with smart contracts on the Beam network, enabling a smooth, immersive gaming experience.
Technical Analysis of BEAM Crypto
At the time of publishing, BEAM crypto (USD: BEAM) is trading above the 50-day and 200-day SMAs (Simple moving averages), supporting the price trend.
The current value of RSI is 65.75 points. The 14 SMA is above the median line at 71.30 points, which indicates that the BEAM crypto is bullish.
The MACD line at 0.00331121 and the signal line at 0.00342654 are above the zero line. A bullish crossover is observed in the MACD indicator, which signals more bullishness for the BEAM crypto price.
Summary
The Beam cryptocurrency shows bullish signs on the daily time frame, and multiple technical indicators support this positive outlook. The RSI curve has risen from the oversold range, indicating a bullish divergence. It suggests a favorable outlook for the upcoming trading sessions.
Technical Levels
Support Levels: $0.03041631.
Resistance Levels: $0.03781277.
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
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
