BEAM price has gradually fallen from its all-time high of $0.027 on December 14, 2023.
Despite the decline, the price regained its footing in 2024 and broke out of a long-term pattern.
BEAM tries to escape
The daily time frame chart shows that BEAM price created a bullish hammer candle on January 3 (green icon), when it fell to a low of $0.012. The price has increased since then.
After creating a higher low on January 14, BEAM accelerated its rate of increase, creating an ascending support trendline. It is making its third bullish candle today, breaking out of a horizontal resistance area that has been standing for almost a month.
BEAM/USDT daily chart. Source: TradingView
The daily RSI is also turning bullish.
The RSI is a momentum indicator used by traders to gauge whether a market is overbought or oversold and whether to accumulate or sell an asset.
Readings above 50 and an upward trend suggest that bulls still have an advantage. Readings below 50 indicate the opposite. The indicator moved above 50 (green circle) during the rebound, indicating a bullish trend.
What do the analysts say?
Cryptocurrency traders and analysts on X have a decidedly bullish view of the future BEAM trend.
Altcoin Sherpa said that the altcoin is one of his biggest bets for 2024 and believes it will go much higher.
4-hour BEAM/USDT chart. Source: X
Godel noted the breakout of the long-term descending resistance trend line, saying that this can lead to much greater upside in the future. He tweeted:
Broken diagonal.
Does the S/R flip signal a bigger upside? No clue, hard to predict in the short term (fool’s errand), but I have a feeling this will be much higher quite soon.
Finally, Yakuza urged his followers to “HODL” as the upward movement was beginning.
BEAM Price Prediction: New All-Time High Coming?
The six-hour short-term technical analysis provides a bullish outlook due to both price action and wave counting.
Technical analysts use Elliott Wave Theory to ascertain trend direction by studying long-term recurring price patterns and investor psychology. The most probable wave count indicates that BEAM is in wave three in a five-wave surge (black). This is evident from the ABC correction structure (white) within wave two.
Price action supports this bullish count for the altcoin, showing a breakout from a long-term symmetrical triangle and retaking the $0.022 horizontal area. Giving waves one and three a 1:1 ratio can trigger a 50% rise to the next resistance at $0.034.
BEAM/USDT six-hour chart. Source: TradingView
Despite this bullish BEAM price prediction, a close below $0.022 can cause a 20% decline to the ascending support trend line at $0.018.
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