- BEAM bulls have momentum, but could run into trouble soon
- Range formation could benefit traders and investors with patience
As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I find myself intrigued by BEAM’s recent performance. The 28.1% surge since the October lows is undeniably impressive, but I remain cautious about a potential breakout.
On Friday, 18th October, BEAM [BEAM] experienced a 9.6% increase in value. Since its lows on the 10th of October, it has risen significantly by about 28.1%. At the moment, this token is showing a notable rise from its previous downtrend that started in April, which now appears to be shifting into a more stable phase of consolidation.
While that is encouraging news for investors, the token is not yet ready for a breakout. Therefore, investors must remain patient and consider buying at the support levels outlined.
Range formation presents many trading opportunities over time
Since mid-July, the price of BEAM has fluctuated within a significant span. This span extended from approximately $0.0115 at its lowest point to around $0.0196 at its peak, representing a notable difference of 71% between these extremes. This broad fluctuation presented lucrative buying and selling chances for swing traders over the past few months.
At approximately $0.0155, a crucial point was reached earlier in the week. This level served as a testing ground for support, after which BEAM started climbing. Furthermore, an optimistic signal emerged from the Awesome Oscillator, suggesting a change in momentum direction.
Contrarily, the A/D indicator found it challenging to surpass a threshold that previously served as support during August and September. This suggested that distribution prevailed over accumulation, even with the positive trends seen in October.
Consequently, swing traders should be ready to offload BEAM close to the top of its range and may even consider going short once there’s a bounce-back from around $0.0196.
Magnetic zone could pull BEAM a little higher
According to AMBCrypto’s analysis, significant clusters of potential sell-off points were found around $0.0185 to $0.0188 and also at $0.0138. Currently, Beam is being traded slightly below the first identified liquidation zone.
Realistic or not, here’s BEAM’s market cap in BTC’s terms
As a crypto investor, I’m optimistic that the mid-range level acting as support will allow the bulls to nudge the price slightly upward. However, it’s important to note that another test of the $0.0188-$0.0196 region might result in a bearish reversal.
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2024-10-19 14:15