Beam

Date: Mon, Dec 09, 2024, 05:30 AM GMTThe cryptocurrency market has been on an upward trajectory over the past month, fueled by a Bitcoin (BTC) rally that saw its price soar by nearly 30% in the last 30 days. Recently, BTC achieved a new all-time high of $103,900, setting a bullish tone across the market.This surge in Bitcoin has helped major <a href="https://coinsprobe.com/sushi-and-sand-gains-momentum-following-key-breakouts-is-more-rally-on-horizon/" rel="noopener noreferrer nofollow">altcoins </a>gain traction, and Beam (BEAM), a Gaming token, has emerged as a strong contender. BEAM has recorded a remarkable 67% monthly surge, catching investors&#39; attention as it approaches a significant technical breakout.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f0adffbc2a62489098fd37cb1c6efffe.png" />Source: Coinmarketcap<h3 id="eyeing-for-mega-breakout">Eyeing For Mega Breakout</h3>The first chart provides a macro view of BEAM’s price action on the weekly timeframe. For over three years, BEAM has been trapped in a persistent downtrend, defined by a descending trendline that acted as a formidable resistance. However, recent price movements suggest the token is finally building the momentum required to challenge this trendline.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/8669c4601d994e9c85b0e0b019efe4e5.png" /><ul><li>Descending Trendline: The black trendline shows the long-term resistance that has dictated BEAM&#39;s price action since 2020. A breakout above this line could signify the end of the bear cycle.</li><li>Support Base: The price has been consolidating near the $0.03 level, which appears to act as a strong support zone, suggesting investor confidence in this range.</li><li>RSI Signal: The Relative Strength Index (RSI) is hovering near 50, indicating a neutral position but with upward momentum, which is typically seen before a breakout.</li></ul>This broader view indicates that BEAM is at a pivotal moment where a breakout from this trendline could lead to significant upward movement.<h3 id="detailed-analysis-from-the-second-chart">Detailed Analysis from the Second Chart:</h3>The second chart zooms in to provide a closer look at BEAM’s price action and recent developments, focusing on the shorter-term potential breakout scenario.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/bede09caba174c848d37dcf85b883951.png" /><h4>Key Observations:</h4>1.Price Compression: The chart shows BEAM’s price tightly compressing under the descending trendline near the $0.03-$0.04 range, suggesting reduced volatility and a buildup of energy for a breakout.2.MACD Bullish Signal:The Moving Average Convergence Divergence (MACD) indicator on the weekly timeframe reveals a bullish crossover, with the MACD line crossing above the signal line.The histogram bars are turning positive, which is an early sign of a potential trend reversal.3.Breakout Scenarios:Upside Targets: If BEAM successfully breaks above the descending trendline, the next immediate resistance levels will be at the upside trendlines, which are around $0.14 and $0.23. A sustained rally beyond these levels could potentially see BEAM testing higher zones, as indicated in the zoomed chart.<h3 id="what-s-next-for-beam">What’s Next for BEAM?</h3>BEAM is at a critical juncture. A confirmed breakout above the $0.045 level would mark a significant milestone, potentially drawing in more bullish investors. The immediate price targets would be $0.14, followed by $0.23, where profit-taking might occur. On the downside, a failure to break the trendline could see BEAM revisiting its support levels near $0.02-$0.03.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/sushi-and-sand-gains-momentum-following-key-breakouts-is-more-rally-on-horizon/" rel="noopener noreferrer nofollow">SUSHI and SAND Gains Momentum Following Key Breakouts: Is More Rally On Horizon?</a>

Beam (BEAM) Gains Momentum Ahead Of Mega Breakout: Is A Bullish Rally On Horizon?

Table of Contents

CoinsProbe

Other articles published on Dec 9, 2024

Economist explains why crypto and stock prices may crash in 2025

Xelite Pulse | XELIS Q&A: Behind the Vision, Technology & Community (Episode 10)

Cardano Foundation's Official X Account Hacked, Charles Hoskinson Responds

Sui’s Path Forward: Bybit Web3 and Sui Foundation to Host Exclusive Debate Live at Taipei Blockch...

Why Missing Notcoin’s Boom Was a Costly Mistake (and Why BTFD Coin Is Your Next Big Chance)

How Ripple CTO David Schwartz Has Impacted Web3

Join our free newsletter for daily crypto updates!