BEAM (BEAM) Crypto Could Be on the Verge of a Significant Breakout Rally

Several indicators suggested this significant conviction by analyzing on-chain. The BEAM crypto traded close to the 200-day EMA resistance barrier

Despite a recent price increase to $0.01700, Beam (BEAM) crypto appears poised for a substantial breakout rally, according to several on-chain indicators.

Trading close to the 200-day EMA resistance level, BEAM crypto has exhibited accumulation on the chart. The price has risen by over 25% in the last two weeks, anticipating a breakout soon.

An analysis of the 30-day Market Value To Realised Value (MVRV) ratio reveals a recent spike above 7. This indicator assesses the profit or loss status of those who have bought BEAM in the last month. A value above 7 indicates that holders who have purchased BEAM in the past few sessions have experienced a profit exceeding 7%.

According to a daily time frame chart analysis, BEAM crypto is displaying a bullish bias. At press time, BEAM price showed a weekly gain of 13.20%, trading at $0.01755.

With a market cap of $867.92 Million, the altcoin was ranked at 78th position and had a total supply of 62.43 Billion. Data from IntoTheBlock reveals that BEAM’s Network Value to Transaction Value (NVT) has increased to the 123 mark.

Usually, values above the 100 mark indicate that accumulating BEAM at the current price offers a better risk to reward. It has bounced back from the undervalued zone.

Active addresses data also saw a significant pump over the past seven days. It rose by 15% to reach 2306, suggesting that the BEAM token is in demand.

However, BEAM’s Sharpe Ratio stayed around the 1.17 mark, indicating that the altcoin has more potential to move upward and presents a rare chance to buy at current price levels.

Beam crypto is attempting to shift the gains above the 200-day EMA for a significant upswing ahead.

Technical Indicators Suggest Bullish Trend

On the technical front, BEAM price trades above the 20-day, 50-day, and 100-day EMA mark, indicating a short-term bullish trend. In a recent tweet on X, Godelives highlighted that BEAM crypto’s long-term bullish trend is still intact, describing it as one of the best memecoins that could easily offer 20x gains in the near term.

Everyone wants to hit a homerun with the right meme and yes they will print but $beam is still the easiest 20x. pic.twitter.com/Aku99fehdC

The Relative Strength Index (RSI) line is also observed at a value of 58, suggesting a slightly bullish outlook. It showcases a positive divergence, hinting at a strong bullish trend to come.

Furthermore, the Awesome Oscillator (AO) reading is at a positive value of 0.036, indicating that bullish momentum is emerging.

Moreover, the Moving Average Convergence Divergence (MACD) indicator is displaying bullish histogram readings, indicating buyer accumulation. Futures market data reveals that the OI-weighted funding rate is at a positive value of 0.0097% at press time.

However, the Open Interest (OI) shows a decline of over 3.40%, indicating a long-unwinding move in the past 24 hours. Immediate support zones for BEAM are at $0.01700 and $0.01630, while upside hurdles are at $0.01830 and $0.01940.

The above is the detailed content of BEAM (BEAM) Crypto Could Be on the Verge of a Significant Breakout Rally. For more information, please follow other related articles on the PHP Chinese website!