Beam

Bitcoin

Divergence

Coin

Amid the turnaround in the market in recent sessions, few cryptocurrencies are still struggling to take decisive recovery moves. BEAM price rose nearly 25% in the recent sessions, recovering over 50% of the losses. 
It indicated the buyer’s comeback. At press time, Beam exchanged hands for close to $0.014, recording an impressive 7.2% rise in intraday today.&nbsp; 
However, few have recovered more than 50% of their losses. Bitcoin is back above the $60K mark, indicating improved investor sentiment. 
Let’s analyze it in a detailed way and try to correlate to find a clear direction for Beam out of it.&nbsp; 
<h2 class="wp-block-heading" id="h-beam-price-daa-divergence-indicator-shows-weakness-nbsp">Beam Price DAA Divergence Indicator Shows Weakness.&nbsp;</h2> 
Beam bounced sharply in recent sessions. However, analysts noted a bearish divergence in on-chain metrics: price DAA divergence indicator.&nbsp; 
This indicator analyzes if any divergence is formed between the asset price and daily active address.&nbsp; <iframe loading="lazy" title="Santiment Chart: Price (BEAM), Price DAA Divergence (BEAM)" width="800" height="425" src="https://embed.santiment.net/chart?ps=onbeam&amp;pt=BEAM&amp;df=2024-07-10T18%3A30%3A01.006Z&amp;dt=2024-08-11T18%3A29%3A59.006Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bprice_daa_divergence&amp;wax=0&amp;wc=%2326C953%3B%23FF5B5B&amp;ws=%3B" scrolling="no"></iframe> 
The daily active addresses highlight the unique number of addresses that have taken part in the transaction in a given period. As per the data obtained from Santiment, a drop in the number of 24-hour active addresses was observed.&nbsp; 
BEAM bounced sharply despite a drop in the number of 24-hour active addresses in recent sessions. Thus, it created a bearish divergence.&nbsp; 
The formation of a bearish divergence indicated the possibility of a price drop if the 24-hour active addresses remained flat. 
<h2 class="wp-block-heading" id="h-will-beam-price-continue-to-recover-or-fail">Will Beam Price Continue to Recover or Fail?</h2> 
The trend analysis highlighted a prevailing bearish trend with a bounce-back in recent sessions.<a href="https://www.thecoinrepublic.com/price-prediction/onbeam/"> Beam price</a> hovered below the 50 and 200-day EMAs, indicating weakness on the chart.  
<a href="https://in.tradingview.com/chart/BEAMUSD/dfoSuvL5-Beam-Price-Rebounds-From-The-Lows-Will-the-Recovery-persist/"> </a>&nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a>&nbsp; <a href="https://in.tradingview.com/"> </a>  
However, if the recovery prevails in the upcoming sessions, BEAM may continue to recover. Additionally, the bulls might look to reclaim their territory above the $0.02 level.&nbsp; 
Unless BEAM sustains below the $0.02 supply level, the possibility of a selloff at the higher levels is high. 
When writing, the MACD and signal lines were placed below the zero line, indicating a prevailing bearish trend. However, both the lines were converging, indicating a recovery.&nbsp; 
BEAM rose nearly 25% recently, recovering over 50% of its losses. At the time of writing, it was trading around $0.014 with a 7.2% intraday increase.&nbsp; 
Despite this, there has been a bearish divergence in on-chain metrics. Specifically, the price DAA divergence indicator suggested a potential price drop if the number of daily active addresses declines.&nbsp; 
The trend analysis showed a bearish trend, with BEAM below the 50 and 200-day EMAs. 
However, if recovery continues, Beam could rise above $0.02. The MACD and signal lines are below zero, indicating a bearish trend, but their convergence suggests a possible recovery. 
The post <a href="https://www.thecoinrepublic.com/2024/08/11/beam-price-rebounds-from-the-lows-will-the-recovery-persist/">Beam Price Rebounds From The Lows: Will The Recovery Persist?&nbsp;</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Beam Price Rebounds From The Lows: Will The Recovery Persist?

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 12, 2024

Icebreaker Secures $5M Seed Funding to Build Blockchain Alternative to LinkedIn

Crypto Market Value Soars 6.1% in July, DeFi TVL Up 3.5%

Bitcoin Exodus as $5.96B Withdrawn from Bitcoin Exchanges in 30 Days, Hitting 5-Year Low

Crypto Specialists Predict Massive Bull Run For Cardano (ADA) Binance Coin (BNB) and Rising Block...

Best Cryptocurrencies to Invest in Right Now August 11 – NEAR Protocol, Ethena, Fantom

What is Osmosis (OSMO) Coin?

Join our free newsletter for daily crypto updates!