Is Buying Beam (BEAM) Crypto a Wise Decision? Insights Say Yes

Beam (BEAM) crypto could be on the verge of a significant breakout rally despite the recent bounce to $0.01700. Several indicators suggested this significant conviction by analyzing on-chain.

The BEAM crypto traded close to the 200-day EMA resistance barrier and has witnessed accumulation on the chart. The price has surged by over 25% in the last two weeks. It anticipates a breakout shortly.

The 30-day Market Value To Realised Value (MVRV) ratio has recently spiked above 7. It assesses the profit or loss status of those who have bought BEAM in the last month. This indicated that holders who have bought BEAM in the previous few sessions experienced a profit exceeding 7%.

Accumulation Ramps Up: BEAM Crypto Presents a Rare Buying Opportunity

The analysis of BEAM crypto on a daily time frame chart provides a bullish bias. BEAM price initially experienced a weekly surge of over 13.20%, trading at $0.01755 at press time.

With a market cap of $867.92 Million, the altcoin was ranked at 78th position. It had a total supply of 62.43 Billion. Data from IntoTheBlock revealed that BEAM’s Network Value to Transaction Value (NVT) has surged to the 123 mark.

NVT Ratio | Source: IntoTheBlock

Typically, values above the 100 mark indicate that accumulating BEAM at the current price offers a better risk to reward. It has rebounded from the undervalued zone.

Over the past seven days, the active addresses data also witnessed a significant pump. It has risen to 2306, a 15% rise, implying that the BEAM token is in demand.

Active Addresses Data | Source: Santiment

However, BEAM’s Sharpe Ratio stayed around the 1.17 mark. This highlighted that the altcoin has room to go upward and offers a rare chance to buy at current price levels.

Sharpe Ratio | Source: Messari

BEAM crypto was trying to shift the gains above the 200-day EMA for a significant upswing ahead.

What Do Technical Indicators Suggest?

BEAM price traded above the 20-day, 50-day, and 100-day EMA mark. This guided a short-term bullish trend. In a recent tweet on X, Godelives said that BEAM crypto‘s long-term bullish trend was intact. It is one of the best memecoins. It could give 20x gains easily in the near term.

Everyone wants to hit a homerun with the right meme and yes they will print but $beam is still the easiest 20x. pic.twitter.com/Aku99fehdC

— Gödel 🥃🌈↗️ (@godeLives) October 18, 2024

The Relative Strength Index (RSI) line stayed around 58, conveying a slightly bullish overview. It reflected a positive divergence and suggests a significant bullish trend ahead.

BEAM Price Chart | Source: TradingView

Moreover, the Awesome Oscillator (AO) reading was positive at 0.036. This implied a bullish momentum was emerging.

Additionally, the Moving Average Convergence Divergence (MACD) indicator plotted bullish histogram readings. This confirmed the buyer accumulation. The futures market data showed that the OI-weighted funding rate remained positive, around 0.0097% at press time.

Funding Rate Data | Source: Coinglass

However, the Open Interest (OI) dropped over 3.40% to $11.36 Million. It conveyed a long, unwinding move over the past 24 hours. The immediate support zones for BEAM were $0.01700 and $0.01630. On the other hand, the upside hurdles were $0.01830 and $0.01940.

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