The BEAM Price Attempts Breakout
The BEAM price has experienced a gradual decline since reaching its all-time high on December 14, 2023. However, the price has recently shown signs of recovery and has broken out from a long-term pattern.
In the daily time frame chart, the BEAM price formed a bullish hammer candlestick on January 3, indicating a potential reversal. Since then, the price has been increasing steadily. After creating a higher low on January 14, BEAM started to accelerate its rate of increase and formed an ascending support trend line. Currently, it is experiencing its third bullish candlestick and breaking out from a horizontal resistance area that has been in place for almost a month.
The daily RSI (Relative Strength Index) is also turning bullish, indicating that bulls may have an advantage in the market. Readings above 50 and an upward trend suggest a bullish trend, while readings below 50 indicate the opposite. The RSI moved above 50 during the recent bounce, confirming the bullish trend.
What do Analysts Say?
Cryptocurrency traders and analysts have a positive outlook on the future of BEAM. Altcoin Sherpa considers it one of his top bets for 2024 and believes it will continue to rise. Godel noted the breakout from the long-term descending resistance trend line and expects further upside potential. Yakuza encouraged his followers to “HODL” as the upward movement begins.
BEAM Price Prediction: New All-Time High Incoming?
Shorter-term technical analysis supports a bullish outlook for BEAM based on price action and wave count. The Elliott Wave theory suggests that BEAM is currently in wave three of a five-wave increase. The recent breakout from a long-term symmetrical triangle and reclaiming of the $0.022 horizontal area further supports this bullish count. If waves one and three have a 1:1 ratio, it could trigger a 50% increase to the next resistance at $0.034.
However, if the price closes below $0.022, it could result in a 20% decrease to the ascending support trend line at $0.018.
Hot Take: BEAM Shows Signs of Recovery and Potential for New Highs
The BEAM price has been on a downward trend since its all-time high but has recently shown signs of recovery and breakout potential. Analysts have a positive outlook for BEAM, with expectations of further upside potential. Shorter-term technical analysis supports a bullish view based on price action and wave count. While there are no guarantees in the cryptocurrency market, BEAM’s recent performance suggests that it may be on track to reach new all-time highs in the future.
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