A coin is actually rallying against the trend amid market panic! Gaming-sector token $BEAM.US
has staged a strong breakout against the backdrop of market sell-offs triggered by the Binance hacking incident. It is up 45.2% in 24 hours, with trading volume more than ten times higher and a market cap of 241.6 million. It has been on a sustained upward trend since July.
The key catalyst is a token burn: using Gnosis Safe signers, the foundation burned 984 million #BEAM held by the hacker, worth $3.37 million, reducing circulating supply and fueling buying pressure. Technically, it broke out of its downtrend structure in June and turned bullish, and recently surged past the $0.00356 high on increased volume. RSI is now at 82, in overbought territory. Historically, it has continued climbing even while overbought, so a pullback may not happen immediately.
Key 4-hour levels: $0.00445 is recent demand support, while $0.0034 is the order block where this rally began. Short-term traders may want to take profits and wait for a pullback; around $0.004 could be a good potential entry on a retest. This independent rally is highly volatile, so avoid blindly chasing prices.
has staged a strong breakout against the backdrop of market sell-offs triggered by the Binance hacking incident. It is up 45.2% in 24 hours, with trading volume more than ten times higher and a market cap of 241.6 million. It has been on a sustained upward trend since July.
The key catalyst is a token burn: using Gnosis Safe signers, the foundation burned 984 million #BEAM held by the hacker, worth $3.37 million, reducing circulating supply and fueling buying pressure. Technically, it broke out of its downtrend structure in June and turned bullish, and recently surged past the $0.00356 high on increased volume. RSI is now at 82, in overbought territory. Historically, it has continued climbing even while overbought, so a pullback may not happen immediately.
Key 4-hour levels: $0.00445 is recent demand support, while $0.0034 is the order block where this rally began. Short-term traders may want to take profits and wait for a pullback; around $0.004 could be a good potential entry on a retest. This independent rally is highly volatile, so avoid blindly chasing prices.
