User Engagement On The Rise: Is Beam Price Set For a Breakout?

16 сент.

User Engagement On The Rise: Is Beam Price Set For a Breakout?
The 24-hour active address as well as the 7-day active address has surged in recent sessions indicating the renewed confidence of investors.
The daily chart highlights a consolidation near trendline resistance which Beam price was respecting earlier.

The investor's sentiments are shifting on the bullish side, as Bitcoin proceeds to reclaim the psychological 60K mark. As a result, many altcoins have started gaining traction and are kicking off higher from the lows.

Beam price bounced from the crucial support level of $0.011 and was consolidating near a trendline resistance which has been acting as supply in the recent weeks. After bouncing back from the recent support the crypto is showing strength indicating renewed investors confidence.

Currently trading close to $0.014 level, BEAM is looking forward to reclaiming its presence above trendline resistance. A sustained breakout above the trendline is crucial for a trend shift on the positive side.
Increased User Engagement Could Trigger A Breakout
Despite losing over 4% in Intraday, Beam investors are sitting at a gain of 18% a week. In tandem with the price recovery, a notable change was observed in an important on-chain metric: Active address.

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Active addresses reflect the number of users who participated in any type of transaction over a given period of time. It is calculated on a 24-hour basis and 7-day basis.

As evident from the chart, the 24-hour as well as 7-day active address curves were in an uptrend indicating growth in the number of users. The 24-hour active addresses were 130 which has jumped to 315 and the 7-day active address which was 1180 has now increased to 1309.

Moreover, the transaction volume has surged by 74.8% a day indicating a heightened demand. The daily transaction volume was $699.2 Million. The volume to market cap ratio at 2.60% suggests low volatility in the crypto.
Beam Price Prediction: Here’s What Analysts Have To Say
Over the daily chart, Beam Price was at a very crucial zone where both the bulls and bears had equal opportunity to dominate the price action. The bulls are in a winning position in the short term and are trying the alter the long-term bearish trend in their favor.

On the flip side, the bears were dominating the long-term trend and might be waiting for the price the reach a discounted zone before jumping in again. A continuation from here on the lower side could validate a bearish control over the trend and BEAM price may drop erasing the recent gains.

Moreover, along with the improving market conditions the upside potential can't be ignored. the bulls hold the short-term trend control and a breakout above the trendline resistance may indicate a bullish reversal.

On the higher side, BEAM crypto has the potential to reach $0.0164 and $0.020 if the trendline resistance flips into support.

At the time of writing, the RSI line was placed at 51.9 points and that of the 14-day SMA line was at 45.8 points. A bullish crossover between both the lines with diverging lines suggests a bullish continuation in the trend.