Beam Price Makes a Rebound: Can the Recovery Sustain?
Amidst recent market fluctuations, some cryptocurrencies are struggling to regain their momentum. However, BEAM price has experienced a significant surge of nearly 25%, recovering more than 50% of its previous losses.
This surge signals a comeback from buyers, with BEAM trading at around $0.014, enjoying a 7.2% intraday increase. Furthermore, Bitcoin has also surpassed the $60K mark, indicating an improvement in investor sentiment.
As we delve deeper into the analysis, we can observe a bearish divergence in on-chain metrics, specifically the price DAA divergence indicator. This indicator assesses any divergence between the asset price and daily active addresses.
Despite the recent bounce in BEAM’s price, there has been a decline in the number of 24-hour active addresses, creating a bearish divergence. This suggests the potential for a price drop if the number of active addresses remains stagnant.
Will BEAM continue its recovery or fizzle out? Trend analysis indicates an ongoing bearish trend, with BEAM struggling to rise above the 50 and 200-day EMAs, signaling weakness in the charts.
However, if the recovery persists in the coming sessions, BEAM may find support and continue its upward trajectory. The bulls may target reclaiming the $0.02 level and establish dominance.
Nevertheless, if BEAM fails to sustain above the $0.02 supply level, a sell-off at higher levels becomes likely.
At the time of writing, the MACD and signal lines were below the zero line, indicating a bearish trend. However, their convergence suggests the possibility of a recovery.
BEAM’s recent 25% surge has been a positive sign, recovering more than 50% of its losses. It is currently trading around $0.014, experiencing a 7.2% intraday increase.
Despite these positive developments, there remains a bearish divergence in on-chain metrics, particularly the price DAA divergence indicator. This divergence indicates the potential for a price drop if the number of daily active addresses continues to decline.
Trend analysis points to a bearish trend, with BEAM struggling below the 50 and 200-day EMAs.
However, if the recovery maintains its momentum, BEAM may push past the $0.02 level. Although the MACD and signal lines are currently below zero, their convergence hints at a possible recovery.