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Today’s Biggest Crypto Gainer: BEAM Up 45% With Potential For New All-Time High

Last Updated May 31, 2024 1:58 PM
Nikola Lazic
Last Updated May 31, 2024 1:58 PM

Key Takeaways

  • BEAM surged 45%, then pulled back 20% in a recent price spike.
  • It ended a 65-day correction, indicating a new uptrend.
  • Upbit listing boosted BEAM’s trading volume and visibility

According to Coinmarketcap, Beam is the biggest gainer today, increasing nearly 45%. It went from its daily low of $0.025 to a high of $0.037, which spiked 40% in a single minute. The price quickly made a pullback of 20% and is now being traded at $0.030, but it has already provided a bullish signal. 

With its all-time high of $0.044 being near, is this sign of a commencing bull phase to a new one?

BEAM Price Analysis 

Since its market release in October last year, the price of BEAM has been in a major uptrend. It started trading at $0.0030 and reached an all-time high of $0.044 on March 10, 2024. When this 1,300% increase ended, we saw a downturn. 

BEAMUSD | Credit: Nikola Lazic/Tradingview

A descending channel formed, leading BEAM to a low of $0.020 on April 13. This was a quick spike, as the daily candle snapped back and closed at $0.023. However, it revisited this area on its next downturn and ended its descending channel on May 14. 

The daily chart RSI and MACD indicated the start of a new uptrend from this low. RSI fell to its oversold zone at 30%. MACD made a positive cross on its moving averages, and green bars on the oscillator were seen. 

Today’s breakout above the descending resistance could confirm this starting uptrend, as the price ended its 65-day correction on the 0.5 Fibonacci retracement level. 

What Caused 40% Spike In 1 Minute? 

Upbit, South Korea’s largest cryptocurrency exchange, added Beam (BEAM) to its listings, significantly boosting the cryptocurrency’s trading volume and visibility. The inclusion of BEAM on Upbit, with trading pairs against the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT), has enhanced its liquidity and attracted a diverse group of investors, demonstrating a growing confidence in BEAM’s potential.

Beam’s trading on Upbit is scheduled from 18:00 to 19:00 KST on May 31. Furthermore, the open interest in BEAM has surged by over 40% to $30 million. This robust trading activity reflects high investor confidence and a positive outlook for BEAM.

BEAM Price Prediction 

As the price of BEAM ended its five-wave increase on March 10 and retraced by 50% to May 14, a new five-wave impulse could start the long-lasting bull phase. The breakout above the descending channel’s resistance confirmed it, and we now expect it to revisit its all-time high area on the current rise. 

This uptrend would be considered a lower-degree five-wave move, and if BEAM makes a higher low on its following downtrend, it will likely advance to a new all-time high. 

BEAMUSD | Credit: Nikola Lazic/Tradingview

Projecting its target with the Fibonacci extension tool, we could see BEAM reaching highs of $0.060 if the uptrend is the same magnitude as its previous one from October to March. 

However, should the momentum be more significant than usual in these bull markets, BEAM would be eying its 1.618 Fib level at $0.085. A more decisive confirmation of this outlook would come from BEAM surpassing its all-time high. 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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