Key Takeaways
Since its October debut last year, BEAM has peaked in March 2024 before entering a corrective phase.
This analysis explores BEAM’s current trend within a complex wave pattern, and whether it may mean, BEAM is still in a corrective phase or has started the next bull one.
Since its market debut in October last year, BEAM has experienced a significant uptrend.
It started trading at $0.0030 and reached an all-time high of $0.044 on March 10, 2024, marking an impressive 1,300% increase. Following this surge, BEAM entered a downturn.
A descending channel formed, bringing the price down to $0.020 on April 13, though a quick rebound saw the daily candle close at $0.023.
However, the price dropped to a lower low of $0.01 on Aug. 5, signaling a potential end to the descending channel.
Examining the wave structure, we see that BEAM appears to be in a complex WXY correction.
The price stabilized above $0.01, establishing the same support level on Sept. 6 and moving to the upside.
A breakout above descending resistance signaled the start of a new bull phase, with the price of BEAM reaching $0.021 on Oct. 1.
The price has been heading upward since the Oct. 10 low of $0.014. Still, today’s high is showing signs of struggle, as indicated by the daily candle wick.
Will it persist and surpass its prior high, or will BEAM make another downturn, leading to an ascending support breakout?
BEAM’s price formed an ascending channel after Aug. 5, which could either be a starting bullish structure or the continuation of its long-lasting correction.
With a breakout above the descending resistance, the first was more likely, but the Oct. 10 low overlapped with the territory of the previous rise, questioning the five-wave count.
According to the bullish count, BEAM is now developing its wave five as a leading diagonal conclusion and can reach the ascending resistance again around $0.022.
But today’s struggle to keep up the upward momentum might cause a downturn, presenting a bearish scenario.
The ascending channel can also be a corrective ABC that would be the second wave X from the WXYXZ correction since March.
In that case, a Z wave should make another lower low, leading to values around $0.0060.