Falling Wedge Breakout, BEAM Token Price Surged 142% in 31 Days

• Beam crypto price has given a breakout from a falling wedge pattern.
• The trading volume has declined by 33.50% in the last 24 hours.
• Technical indicators’ summary suggests a negative signal in the current trading phase.

Beam (BEAM) is a gaming network empowered by the Merit Circle decentralized autonomous organization (DAO). $BEAM is a native token of this network used to interact with Beam for transactions. It also allows its holders to participate in the governance of this DAO. Users can buy BEAM tokens in both CEXs and DEXs, such as Binance, Bybit, Uniswap V2, etc.

BEAM Gives Over 1000% in the Last Six Months

For the last two quarters, the BEAM token price has performed with a strong, bullish sentiment from $0.0030. The price is consistent with bullish candles except for January in the monthly timeframe. It formed a large bullish candle with a return of 88% in February 2024.

The current market capitalization is at $1.81 Billion, which is moving closer to the fully diluted market capitalization of $2.17 Billion. The maximum supply of the BEAM token is still unknown, making it an inflationary cryptocurrency. Currently, 52.56 Billion tokens are circulating in the market out of 62.95 Billion.

Conversely, the whales hold 71.48% of this cryptocurrency, and the remaining others hold 28.52%. However, the cruisers and traders are holding the cryptocurrency back. Beam doesn’t have holders; only traders and cruisers keep 47.20% and 52.80%.

Price to Volume and Social Dominance Analysis

Beam crypto social dominance remains constant after the hype of 1.434% in November 2023. On the other side, the volume and price have gained substantial momentum since early February. At present, social dominance is at 0.034%, and it is slowly declining.

The 24-hour trading volume has declined by 33.50%, which ranked 199th among all the 9,093 active cryptocurrencies.

Technical Analysis of the BEAM Token

The price retraced on the 50-Day exponential moving average on January 22, 2024. Afterward, it led to a movement of over 160%, which makes the EMA a dynamic support Level. At present, Beam price is moving closer to the 50-Day EMA.

BEAM token price has given a breakout from a falling wedge at $0.0185 on February 8. The price surged over 130% to the $0.0443 resistance. It formed a decisional point of interest at $0.0301, which can play a crucial role in bullish bias.

The price could reach $0.0515 if a bullish response from the POI is obtained and closes above $0.0408. On the flip side, a short-term fall after $0.0252 support is likely.

The relative strength index (RSI) reflected a bearish divergence in the price momentum. This indicates that Beam price is experiencing more selling pressure in the current trading phase.

Summary

Beam is a gaming network supported by the Merit Circle DAO. The ecosystem can play a cruel role in shaping the gaming industry. Currently, the BEAM token price is trading at $0.0340 and can reach the $0.0515 level if a bullish response from the POI is obtained and closes above $0.0408. Short-term fall can be expected after $0.0252.

Technical Levels

• Resistance Levels: $0.0443 and $0.0515
• Support Levels: $0.0301 and $0.0252

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.