Beam(BEAM)cryptocouldbeonthevergeofasignificantbreakoutrallydespitetherecentbounceto$0.01700.Severalindicatorssuggestedthissignificantconvictionbyanalyzingon-chain.
TheBEAMcryptotradedclosetothe200-dayEMAresistancebarrierandhaswitnessedaccumulationonthechart.Thepricehassurgedbyover25%inthelasttwoweeks.Itanticipatesabreakoutshortly.
The30-dayMarketValueToRealisedValue(MVRV)ratiohasrecentlyspikedabove7.ItassessestheprofitorlossstatusofthosewhohaveboughtBEAMinthelastmonth.ThisindicatedthatholderswhohaveboughtBEAMinthepreviousfewsessionsexperiencedaprofitexceeding7%.
AccumulationRampsUp:BEAMCryptoPresentsaRareBuyingOpportunity
TheanalysisofBEAMcryptoonadailytimeframechartprovidesabullishbias.BEAMpriceinitiallyexperiencedaweeklysurgeofover13.20%,tradingat$0.01755atpresstime.
Withamarketcapof$867.92Million,thealtcoinwasrankedat78thposition.Ithadatotalsupplyof62.43Billion.DatafromIntoTheBlockrevealedthatBEAM’sNetworkValuetoTransactionValue(NVT)hassurgedtothe123mark.
NVTRatio|Source:IntoTheBlock
Typically,valuesabovethe100markindicatethataccumulatingBEAMatthecurrentpriceoffersabetterrisktoreward.Ithasreboundedfromtheundervaluedzone.
Overthepastsevendays,theactiveaddressesdataalsowitnessedasignificantpump.Ithasrisento2306,a15%rise,implyingthattheBEAMtokenisindemand.
ActiveAddressesData|Source:Santiment
However,BEAM’sSharpeRatiostayedaroundthe1.17mark.Thishighlightedthatthealtcoinhasroomtogoupwardandoffersararechancetobuyatcurrentpricelevels.
SharpeRatio|Source:Messari
BEAMcryptowastryingtoshiftthegainsabovethe200-dayEMAforasignificantupswingahead.
WhatDoTechnicalIndicatorsSuggest?
BEAMpricetradedabovethe20-day,50-day,and100-dayEMAmark.Thisguidedashort-termbullishtrend.InarecenttweetonX,GodelivessaidthatBEAMcrypto‘slong-termbullishtrendwasintact.Itisoneofthebestmemecoins.Itcouldgive20xgainseasilyinthenearterm.
Everyonewantstohitahomerunwiththerightmemeandyestheywillprintbut$beamisstilltheeasiest20x.pic.twitter.com/Aku99fehdC
—Gödel🥃🌈↗️(@godeLives)October18,2024
TheRelativeStrengthIndex(RSI)linestayedaround58,conveyingaslightlybullishoverview.Itreflectedapositivedivergenceandsuggestsasignificantbullishtrendahead.
BEAMPriceChart|Source:TradingView
Moreover,theAwesomeOscillator(AO)readingwaspositiveat0.036.Thisimpliedabullishmomentumwasemerging.
Additionally,theMovingAverageConvergenceDivergence(MACD)indicatorplottedbullishhistogramreadings.Thisconfirmedthebuyeraccumulation.ThefuturesmarketdatashowedthattheOI-weightedfundingrateremainedpositive,around0.0097%atpresstime.
FundingRateData|Source:Coinglass
However,theOpenInterest(OI)droppedover3.40%to$11.36Million.Itconveyedalong,unwindingmoveoverthepast24hours.TheimmediatesupportzonesforBEAMwere$0.01700and$0.01630.Ontheotherhand,theupsidehurdleswere$0.01830and$0.01940.
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