BEAM Fails To Break Falling Wedge: Can It Still Be Best Buy?

• BEAM crypto has medium liquidity based on its market cap.
• The price of the crypto has advanced by 525% from its all-time low.

Beam, powered by Merit Circle DAO, integrates privacy, gaming, and decentralized governance using the Mimblewimble protocol. Its $BEAM token fuels transactions, smart contracts, and governance. 

Beam’s ecosystem offers tools for game developers, a decentralized exchange, and dynamic tokenomics, ensuring secure, private, and immersive blockchain gaming experiences.

The fear and greed index for Beam crypto is at 74, indicating greed among the investors. Also, the sentiment of the crypto is bullish, as per Coincodex.

Currently, 79.23% of the maximum supply of crypto is circulating in the market, followed by a maximum supply of 62.434B BEAM.

Derivatives Beam Crypto Derivatives Analysis

The derivatives trading volume of the crypto has advanced by 21% over the last 24 hours, resulting in a traded value of $12.96M.

Despite the surge in the trading volume of the crypto, the open interest of the crypto has declined by 8.9%, and the long/short ratio of the crypto is 0.807.

Also, the long liquidation recorded for the crypto is worth $20.22K, while the short liquidation for the crypto is worth $0, which shows bears dominance in the crypto over the last 24 hours from the time of writing.

BEAM Crypto Technical Analysis

The price of the BEAM crypto has been declining from higher levels for a long time and is forming lower highs on the chart.

The following price behavior, followed by the downtrend, has formed a falling wedge pattern on the daily chart of BEAM crypto. The crypto price is trading inside the falling wedge and has recently hit the higher band.

If the price rebounds, breaks above the wedge pattern, and sustains above the same, a change in trend followed by higher highs on the chart might be seen.

BEAM/USD Chart by TradingView.com

The crypto price is trading at the 50-day EMA on the daily chart and taking support. 

The MACD shows the possibility of strength in the price in the future as the MACD line has advanced above the zero level while the MACD line is still heading towards the bullish trajectory. 

Moreover, the RSI value has advanced to the level of 52.7 and has broken above the 14-day SMA. This shows a rise in the bullish trend of crypto. 

Summary

BEAM crypto’s price struggles within a falling wedge pattern, indicating the potential for a bullish reversal if it breaks out. 

Bearish dominance persists despite a 525% rise from its all-time low, medium liquidity, and bullish sentiment. Technical indicators suggest possible strength, but uncertainty remains.

The support level for the Beam crypto is at $0.0200 and $0.0240, followed by resistance levels of $0.330 and $0.0440.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.