The post BEAM Price Jump Teases $0.024 Breakout, Will It Cross $0.30? appeared first on Coinpedia Fintech News
Bouncing back stronger from the $0.016 mark, the BEAM price trend finds a significant rise in the bullish momentum. With multiple bullish candles putting an end to the short-term pullback phase, the BEAM price is ready for a bull run this new year.
Further, the possibility of a rising trend rechallenging the $0.024 barrier again increases, which led to the previous fall with an evening star.
Source – Tradingview
With an intraday growth of 15%, the bullish engulfing candle in the BEAM price chart undermines the prevailing pullback. Further, the remarkable rise in the trading volume supports the recovery trend and teases a longer trend.
Rising at a time when the significant altcoins and Bitcoin take a short step back, the BEAM uptrend reflects a rise in the interest of the sideline traders. Further, the retest of the 38.2% Fibonacci level concretes the pullback breakout trend. At press time, the BEAM price trades at $0.02187 and forms a highly bullish candle.
Moreover, the BEAM price movement nearing the $0.024 resistance will be pivotal for the upcoming trend action and direct the price flow.
Technical indicators:
MACD Indicator: The MACD and signal lines are on the verge of giving a bullish crossover and teasing a trend reversal in the daily chart. This supports the possibility of a new bull run potentially crossing the $0.024 barrier.
RSI indicator: The daily RSI line shows a bullish trend continuation and resurfaces above the halfway line, supporting the MACD indicator’s signal.
Is BEAM Price Ready For Another Bullish Break?
The BEAM price has been on the rise in the new year as the recovery rally gains momentum. The increase in trading volume also bolsters the bullish thesis, as it suggests that there is additional momentum behind the market recovery.
Based on the trend retracement, the BEAM price may look at targets of $1.20 and $1.50, according to the Fibonacci extension level. If the retest phase results in a quick drop below the $0.96 range, sellers will pile on and push the price down to test the $0.90 level.