BEAM (BEAM) Price Prediction: Bull Rally Next?

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.

Cryptocurrency Beam (BEAM) price has recently attracted the attention of investors and gained great buying momentum. Market momentum was supporting the rise as the critical resistance level of $0.01800 approached.

With an intraday increase of 0.23%, BEAM price broke through multiple hurdles and was poised to move higher.

BEAM crypto, which forms a double-bottom formation on the daily chart, may move towards $0.01800. In the last 24 hours, the altcoin price broke above the formation's neckline at $0.01600.

BEAM Price Forecast: Will the Bull Market Continue?

BEAM price is up more than 52% since the beginning of this month and was heading towards the critical supply zone of $0.0200. The recent price recovery showed a large short closing movement from the $0.01100 level.

But as the drums beat harder for the continuation of the bull market, BEAM crypto may continue to rise in price. Then it may exceed the 200-day EMA level.

BEAM price was trading at $0.01659 at press time, with an intraday increase of 0.11%. This reflected little upward momentum over the past 24 hours.

The concentration of large whales was high at 86%. This showed that a few organizations controlled a significant portion of the token supply.

Source: IntoTheBlock

BEAM price has a high correlation of 0.9% with Bitcoin (BTC), the recent increase in BTC price supported the upward movement of the altcoin.

Trader Steve said in his tweet that the gaming ecosystem is going well and the BEAM crypto price is on an optimistic path. Crypto was up 50% from entry point and still holding.

$BEAM is up nearly 50% from our entry point and we made high profits from our low cost entries 2 weeks ago. My target is around $0.20 (20x) because I have great confidence in both the gaming industry and the BEAM ecosystem. If it crosses the 200-day EMA, which is the critical pivot point, a basket rally could be triggered.

There was a significant capital inflow in the MFI index. Its value crossed the signal line and hovered around 84, indicating that BEAM price may continue to rise. A rising MFI value indicated that demand for an asset was increasing, resulting in an increase in prices.

Technical Indicators Data |  Source: Coinalyze

Also approaching the overbought zone, the RSI line indicated an increase in purchasing pressure with a reading of 65. This indicated that a breakout was imminent and the altcoin could make more gains in the short term.

The green histogram drawn by the MACD indicator shows a strong bullish bias among investors. If this bullish trend continues, BEAM crypto price could surpass the critical pivot level of its 200-day EMA. A sharp rally may be triggered in the following sessions.

Futures Market Data Offers an Optimistic Outlook

For the last two weeks, the altcoin's OI-weighted funding rate has remained positive, standing at 0.0087% at press time. This shows that investors seem optimistic and expect further increases.

A positive funding ratio indicates that long positions outnumber short positions, which is an indicator of a bullish trend.

OI Weighted Funding Rate |  Source: Coinglass

In addition, open interest (OI) increased by more than 3.20% to $8.73 million. This showed a large long position accumulation activity in the last 24 hours

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