User Engagement On The Rise: Is Beam Price Set For a Breakout?

• The 24-hour active address, as well as the 7-day active address, has surged in recent sessions. This indicated the renewed confidence of investors.
• The daily chart highlighted a consolidation near trendline resistance, which the BEAM price had respected earlier.

Investor sentiments have been shifting on the bullish side as Bitcoin proceeded to reclaim the psychological $60K mark. As a result, many altcoins, including the Beam (BEAM) crypto, have started gaining traction. They are kicking off higher from the lows.

The BEAM price bounced from the crucial support level of $0.011. It was consolidating near a trendline resistance, which has been acting as supply in recent weeks. After bouncing back from the recent support, the crypto has shown strength, indicating renewed investors’ confidence.

When writing, the BEAM crypto traded close to the $0.014 level. The token has been looking forward to reclaiming its presence above trendline resistance. A sustained breakout above the trendline is crucial for a trend shift on the positive side.

BEAM Price: Increased User Engagement Could Trigger A Breakout

Despite losing over 4% in Intraday, Beam investors are sitting at a gain of 18% a week. In tandem with the BEAM price recovery, a notable change was observed in a crucial on-chain metric: Active address.

Active addresses reflect the number of users who participated in any transaction over a given period. It is calculated on a 24-hour basis and 7-day basis.

As evident from the chart, the 24-hour as well as 7-day active address curves were in an uptrend. This indicated growth in the number of users. The 24-hour active addresses were 130, which jumped to 315; the 7-day active address, 1180, has now increased to 1309.

Moreover, the transaction volume has surged by 74.8% a day, indicating heightened demand. The daily transaction volume was $699.2 Million. The volume-to-market ratio at 2.60% suggested low volatility in the BEAM crypto.

Beam Price Prediction: Here’s What Analysts Have To Say

The daily chart showed that the BEAM price was in a very crucial zone. There, both the bulls and bears had equal opportunity to dominate the price action. The bulls were in a winning position in the short term and were trying to alter the long-term bearish trend in their favor.

Conversely, the bears dominated the long-term trend. Before jumping in again, they might wait for the price to reach a discounted zone. A continuation from here on the lower side could validate a bearish control over the trend. Moving further, the BEAM price may drop, erasing the recent gains.

Moreover, the upside potential can’t be ignored along with the improving market conditions. The bulls hold the short-term trend control, and a breakout above the trendline resistance may indicate a bullish reversal.

On the higher side, the BEAM crypto can reach $0.0164 and $0.020 if the trendline resistance flips into support.

When writing, the RSI line was placed at 51.9 points, and the 14-day SMA line was at 45.8 points. A bullish crossover between the lines and diverging lines suggested a bullish continuation in the trend.

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.