- Beam crypto soared 12% within 24 hours, supported by strong fundamentals.
- Over 57% of Beam addresses were profitable, with a significant surge in large transactions.
As a seasoned researcher with years of experience in the dynamic and unpredictable world of cryptocurrencies, I can confidently say that the recent surge of Beam [BEAM] has caught my attention. Having closely monitored its price movements and on-chain indicators for quite some time, I must admit this 12% jump within 24 hours is a sight to behold.
Over the past day, BEAM [BEAM] has experienced a significant 12% surge in value, propelling it beyond the crucial point of $0.02024.
Since the 22nd of July, this resistance level has remained strong, undergoing several attempts and refusals during that period.
On November 11th, a significant event occurred that was pivotal because it aligned with the market’s heightened expectations regarding the U.S. elections. This key moment transformed the previous resistance at $0.02024 into newfound support.
Following this, the price of Beam dropped by 14% indicative of a temporary adjustment. However, this decrease sparked significant demand for purchasing, which enabled the token to reinitiate its upward trend.
At the current $0.02024 price point, it’s serving as a robust base for potential future increases, potentially catalyzing additional upward trends.
Increased large transactions signal rising interest
According to AMBCrypto’s analysis of IntoTheBlock data, there has been a significant increase of about 190% in large transactions worth approximately $16.53 million over the past 24 hours.
Significant surges in transactions tend to suggest heightened involvement from significant investors, which may foreshadow additional price growth.
This trend suggests growing confidence in Beam, possibly hinting at continued bullish momentum.
Beam’s growing social engagement
Not only that, but Santiment’s analysis also showed a steady increase in Beam’s social media activity. This cryptocurrency hit a record peak on November 12th, indicating growing curiosity among crypto enthusiasts.
This increased social buzz can act as a catalyst, drawing more eyes and investment to the coin.
Furthermore, an examination of the distribution of Beam’s wallet holders revealed that approximately 57% of those addresses were generating a profit at the given moment.
This implies that holders could maintain their current positions and even increase long positions within their portfolios, potentially leading to an upward trend or rally.
What lies ahead for Beam crypto?
According to recent developments, Beam has surpassed the $0.02024 mark, showing robust on-chain signals, and experiencing an uptick in social interaction. This could hint at a favorable bullish trend ahead.
Read Beam’s [BEAM] Price Prediction 2024–2025
Given the identified crucial support points and growing attention from major market players, it seems that Beam is poised for further growth over the short-term to medium-term period.
The $0.03175 is the next target in line.
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2024-11-18 23:36