Beam (BEAM) has recently captured investors’ attention as it gained massive buying momentum. It was approaching the critical resistance level of $0.01800, with market momentum supporting its rise.
With an intraday surge of over 0.23%, the BEAM price has crossed multiple hurdles and was set to go higher.
BEAM crypto could be on track for a return to $0.01800 as it formed a double bottom pattern on the daily chart. In the past 24 hours, the altcoin’s price has crossed the pattern’s neckline of $0.01600 and exhibited a breakout.
BEAM Price Prediction: Bull Rally Next?
Since the beginning of this month, the BEAM price has surged over 52% and was heading toward its critical supply zone of $0.0200. The recent price recovery from the $0.01100 mark displayed a massive short-covering move.
However, as the drums of the bull market continuation hit harder, BEAM crypto may resume the price upswing. It might cross the 200-day EMA mark next.
The BEAM price was trading at $0.01659 at press time, with an intraday surge of over 0.11%. This reflected a minor upward momentum during the past 24 hours.
The concentration of large holders was high at 86%. It indicated that a few entities controlled a significant portion of the token supply.
Source: IntoTheBlock
With a high correlation of 0.9 with Bitcoin (BTC), the recent upsurge in BTC price fueled altcoin’s upward move.
@TraderSteve, in his tweet, said that the gaming ecosystem was doing well and BEAM crypto is on an optimistic path. It surged over 50% from the entry point and is still going.
A significant capital inflow was happening at the MFI index. Its value crossed the signal line, noting around 84, meaning that the BEAM price could continue to surge. A rising MFI value signaled a spike in the demand for an asset, which led to a price rise.
Technical Indicators Data | Source: Coinalyze
Moreover, the RSI line approaching the overbought zone, having a reading of 65, signified a rise in the buying pressure. It suggested that a breakout is on the cards, and the altcoin could lift further gains in the short term.
Likewise, the green histogram plotted by the MACD indicator conveys strong bullish sentiment among investors. If this bullish sentiment continues, BEAM crypto could cross its crucial pivot of 200-day EMA. It could trigger a sharp rally in the coming sessions.
Futures Market Data Paints an Optimistic Outlook
For the past two weeks, altcoin’s OI-weighted funding rate stayed positive, 0.0087% at press time. It shows that the investors were looking optimistic and hoping for a further rise.
A positive funding rate means that long positions outweigh the short positions, a sign of bullish sentiment.
OI-Weighted Funding Rate | Source: Coinglass
In addition to it, the open interest (OI) is up over 3.20% to $8.73 Million. It conveyed massive long-buildup activity over the past 24 hours.
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