thenewscrypto.com
- BEAM falls over 3%, trading at $0.0090.
- Its daily trading volume spikes by 5%.
The crypto market has been on a wild ride, fluctuating between gains and losses. While some assets struggle to recover from bearish pressure, Bitcoin and Ethereum remain stagnant. Meanwhile, BEAM has lost its footing, sliding over 3.80%.
In the early hours, BEAM traded at $0.008771, and eventually, it climbed to a high range of $0.009766. After the bulls lost steam, the price likely plunged toward the current trading level.
At press time, BEAM traded within the $0.009085, with its market cap reaching $448 million. Moreover, the asset’s daily trading volume has touched $62.66 million.
BEAM has recorded a gain of over 42.41% in the last seven days. The asset opened the week trading at $0.006373, and it moved up to hit its weekly high at $0.009735.
Where Is BEAM Headed Next?
If a mighty bearish momentum builds up, the asset may face serious threats. BEAM could retrace toward the $0.008911 range. A continued downside pressure might trigger the asset fall back to its crucial support range at $0.0087.
Assuming BEAM climbing over the $0.009174 range, it could bring in a retest near $0.009258 resistance. The prolonged bullish correction might reinforce the uptrend and push the asset to mount toward the $0.0095 price zone.
BEAM’s Moving Average Convergence Divergence (MACD) line is found just below the signal line. It indicates a weakening bullish momentum or the early stages of a bearish crossover and also the possibility of a potential downtrend.
Additionally, the Chaikin Money Flow (CMF) indicator settled at -0.16 suggests the money is flowing out of the asset. If it declines further, it could lead to sustained weakness. Meanwhile, BEAM’s daily trading volume is up by over 5.06%.
The Bull Bear Power (BBP) reading of 0.00038 infers the asset is nearly neutral, that neither bulls nor bears have a strong grip within the market. Besides, the asset’s daily relative strength index (RSI) at 64 signals that the asset is in bullish territory.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.