The post BEAM crypto spikes 21% in volume – A breakout could be near IF… appeared on BitcoinEthereumNews.com.

BEAM crypto showed signs of a breakout as trading volume rose and the price nears resistance. Mixed on-chain signals revealed cautious sentiment, with limited big-holder activity despite rising interest. Beam’s [BEAM] trading volume recently surged by 21%, with its price rising by 3%. This suggested a potential shift in momentum. At press time, the altcoin was trading at approximately $0.01878, showing signs of upward movement. However, whether this momentum can trigger a breakout from its consolidation zone remains to be seen. Is BEAM ready to break out of its range? BEAM has been trading within a tight range between $0.015 and $0.022, reflecting a period of consolidation. This extended range suggested a balance between buyers and sellers, with neither side gaining an edge. However, with the recent increase in volume, BEAM could be gearing up to break out of this range. Consequently, a breakout could signal a new trend. BEAM faced a significant resistance level at $0.02034, which marks the top of its consolidation range. A breakout above this resistance would likely propel BEAM toward the next major level at $0.03130, offering a 65.11% potential upside. Conversely, the $0.015 support level is crucial in containing any downside, reinforcing the range’s lower boundary. Therefore, these levels are essential in determining BEAM’s next direction. If it breaks above $0.02034, it may initiate a rally toward the $0.03130 target. Furthermore, the chart indicated that a brief pullback to $0.02034 could act as a retest. This strengthened the support and provided an ideal entry point for traders. Consequently, this pullback could confirm a sustained breakout, attracting more buyers. Source: TradingView BEAM technical indicators show… Technical indicators offer insights into BEAM’s momentum, the MACD recently showed a bullish crossover. This hinted at increasing momentum. However, the histogram remains minimal, signaling that the bullish move is…

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Filed under: News - @ November 9, 2024 12:27 am