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- 1 BEAM token signifies selling pressure and has slipped below the 100 day EMA mark.
- 2 Technical indicators are suggesting further correction ahead.
Following the market downturn, the BEAM token participated in the correction and is draining gains over the past few sessions. This week, the token lost over 25% of gains and breached the 100 day EMA mark highlighting the aggressive selloff. However, the immediate 200 day EMA mark is yet to be retested and sellers are eyeing it. The price action shows that the token has regressed to the trendline support of $0.03000 and is at a make-or-break region.
At press time, the Beam token (BEAM) price was trading at $0.03054 with an intraday drop of 8.34%, reflecting bearishness on the charts. It has a monthly return ratio of -12.87% and 532.90% on a yearly basis. The pair of BEAM/BTC is at 0.000000468 BTC, and the market cap is $1.62 Billion. Analysts are bearish and suggest that BEAM price may continue to deliver selling pressure and will retest the 200 day EMA mark soon.
BEAM Price To Volume Profile Revealing Selling Pressure
The chart showcased a symmetrical triangle formation, where the token price is close to the crucial trendline support of $0.03000, from where either sides moves are anticipated.Per the price action, the token may further slide downside toward the demand zone of $0.02700 soon. The intraday trading volume noted a surge over 42.78% to $44.88 Million, witnessing low investor interest.
Price Volatility and Weighted Sentiment Analysis
Amidst the price decline, the price volatility remained average movements and stayed around the midline of 0.022 indicating neutrality. However, the total weighted sentiment implies a negative outlook and the value noted around -0.518.
Social Dominance and Active Social Users Outlook
Following the price decline, the social dominance value showcased minimal fluctuations and is noted around 0.06% implying a negative outlook. Similarly, the active social users on the twitter platform noted a severe decline over 80% and reached 1810 this week.
What Does Active Addresses and Amount Of Holders Overview
The data shows that active addresses delivered steady movement and stuck around the mark of 4526, whereas the number of holders noted a consistent rise and reached 30.8k.
Per the Fib levels, the BEAM token price has slipped below the 38.2% zone and is trading below the mid bollinger band support zone. Similarly, the RSI curve slipped to the oversold region in a negative divergence.
The total supply of the BEAM token is 59.56 billion, whereas the circulating supply is 52.46 billion. The volume to market cap ratio is 0.0229, whereas it stands at 70 per the market cap in the global crypto market.
Summary
The BEAM price chart shows bearishness and is close to the crucial trendline support zone of $0.03000 mark. The trend is volatile and the token may extend the down move toward the 200 day EMA mark shortly.
Technical Levels
Support Levels: $0.02800 and $0.02500
Resistance Levels: $0.03200 and $0.03400
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
