BEAM Price Prediction: On-Chain Metrics Flash Short-Term Recovery

• BEAM price could see a major bounce above the $0.0200 mark soon.
• BEAM has an optimistic short-term outlook.

Beam (BEAM) price has been making some strides to sustain above the key hurdle of $0.01800 level. However, bulls still have obstacles to clear before the BEAM price can rise.

BEAM crypto has been mostly depressing for its investors, largely range-bound. Trading in a significant range, the token has set the eyes to breach the multi-month resistance mark of $0.02000.

A daily close above the $0.02000 mark would encourage further gains and might lead to a range breakout.

Starting this month on a positive note, the BEAM crypto price surged by over 35% and constituted a rising parallel channel. This week, the token faced the channel’s top and returned below the 20-day EMA mark.

BEAM price traded close to the $0.01382 mark, down by 9.20% at press time. However, the token held gains near the crucial support zone of $0.01300. It is hoped that a recovery will occur in the coming sessions.

BEAM Price Action Hints Reversal At Play

On the daily chart, the BEAM price met a resistance mark of $0.01800. The price action showed that BEAM could form a short-term bottom. A breakout might not be on the cards unless the token can climb past the $0.02000, the crucial resistance zone.

BEAM Price Volume Chart | Source: Santiment

The Relative Strength Index (RSI) has a reading of 46, displaying a muted selling pressure. The CMF reading was at +0.08, indicating a sizable capital inflow into the market, bolstering the chances of price recovery.

A Tweet by @Goodland mentioned that BEAM crypto had recorded a trendline breakout and retested the zone. A short-term upswing could be seen ahead.

The classic breakout, retest trade has formed on $BEAM

If we can see any sort of leg up from $BTC, @BuildOnBeam should go parabolic pic.twitter.com/KDocWNpcpl

— Investor Jordan ️ (@Goodland_UK) August 30, 2024

Tweet by Goodland | Source: X

A double bottom pattern was observed during the weekly timeframe, and the token started to move upwards. Last week, a sharp bullish marubozu candlestick was noted. However, the bulls failed to attain a follow-through and were looking to resume the pullback.

Weighted Sentiment and Social Dominance Data Overview

Amid the intraday price fall, the weighted sentiment data turned negative and dropped below the zero line. It conveyed panic among the investors.

Weighted Sentiment Data | Source: Santiment

Likewise, the social dominance curve declined to 0.027%. It underscored a muted buzz and a low investor chatter activity on the media platforms.

The open interest is decreasing, and the BEAM price action is still bearish. Additionally, the token could signal that traders have exited their long positions in the market.

Meanwhile, the funding rate has turned positive, which means that long traders have started dominating and are willing to pay short traders. This might lead to a price reversal.

The OI shed by over 15.20% to $4.87 Million, and the funding rate was noted at 0.0085% at press time.

If buying pressure triggers, the token could reach the immediate resistance mark of $0.01600. Above it, traders have to keep an eye on the $0.0200 level, the make-or-break level.

Conversely, suppose the trendline support zone of $0.01270 breaks. If this happens, it might retest the support levels of $0.01200, followed by $0.01100 in the coming sessions.

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.