Beam (BEAM) crypto is showing signs of a potential breakout rally, with indicators pointing towards a strong conviction among investors. Despite a recent bounce to $0.01700, the on-chain analysis suggests that BEAM is poised for significant growth.
Trading close to the 200-day EMA resistance barrier, BEAM has been experiencing accumulation on the chart and has seen a price surge of over 25% in the last two weeks, indicating the potential for a breakout in the near future.
One key indicator to consider is the 30-day Market Value To Realised Value (MVRV) ratio, which has spiked above 7. This metric assesses the profit or loss status of recent BEAM buyers, with those who bought in the past few sessions experiencing profits exceeding 7%.
Analyzing BEAM on a daily time frame chart reveals a bullish bias, with the altcoin seeing a 13.20% surge to $0.01755. With a market cap of $867.92 million and a total supply of 62.43 billion, BEAM is ranked 78th and has shown a Network Value to Transaction Value (NVT) ratio of 123, indicating an opportunity for accumulation at the current price level.
Active addresses for BEAM have seen a significant increase, rising by 15% to 2306 in the past seven days, suggesting growing demand for the token. Additionally, the Sharpe Ratio for BEAM is at 1.17, indicating room for upward movement and presenting a unique buying opportunity.
From a technical perspective, BEAM has been trading above the 20-day, 50-day, and 100-day EMA marks, signaling a short-term bullish trend. The Relative Strength Index (RSI) and Awesome Oscillator (AO) also point to a positive outlook, with potential for further gains in the near term.
The Moving Average Convergence Divergence (MACD) indicator confirms buyer accumulation, while futures market data indicates a positive OI-weighted funding rate of 0.0097%. However, the Open Interest (OI) has dropped by 3.40% to $11.36 million, with immediate support levels at $0.01700 and $0.01630, and resistance at $0.01830 and $0.01940.
In conclusion, BEAM crypto appears poised for a significant breakout rally, supported by on-chain indicators and technical analysis, presenting an attractive opportunity for investors looking to capitalize on potential gains in the crypto market.
