Beam (BEAM) Technical Analysis 2021 for Crypto Traders

BEAM (BEAM) Technical Analysis 2021 for Crypto Traders

In Beam (BEAM) Technical Analysis 2021, we use past statistics, price analysis, RVOL, MA, and much other information about BEAM to analyze the future trend of the cryptocurrency

Beam is a privacy coin whose goal is to explore confidential DeFi. It employs the Mimblewimble protocol, which covers up transaction values and metadata while limiting blockchain bloating and enhancing scalability.

Beam’s confidential transaction mechanism allows for the creation and exchange of a variety of asset types. Mimblewimble (or MW), a blockchain design introduced in 2016 by pseudonymous Tom Elvis Jedusor, is a blockchain design that leverages the Proof-of-Work consensus mechanism to provide more privacy and improve network scalability.

Beam (BEAM) Current Market Status

According to CoinGecko, the BEAM price is trading at $0.555 with a 24-hour trading volume of $7,093,172, at the time of writing. However, BEAM has dropped by 3.60% in the last 24 hours.

In addition, BEAM has a circulating supply of 93,463,760 BEAM coins. Currently, BEAM trades in Binance, Gate.io, BKEX, and Pionex.

Beam (BEAM) Technical Analysis 2021 

Beam (BEAM) holds the 453th position on CoinGecko right now. The recent development and upgrades might push BEAM to reach new heights. Now, let’s deep dive into the BEAM technical analysis 2021. The daily time frame chart of Beam (BEAM) is shown below.

BEAM/USDT Head and Shoulder Pattern (Source: Tradingview)

A head and shoulders pattern is a chart formation that appears as a baseline with three peaks, the outer two of which are close in height and the middle of which is the highest. A head and shoulders pattern in technical analysis is a specific chart formation that predicts a bullish-to-bearish trend reversal.

Currently, BEAM trades in a range of $0.555. If the price breaks the trend line support level of $0.46 then it will lead to a further drop up to the $0.24 Level. If the pattern continues to the top side, then it will reach the $1.97 level soon.

Beam (BEAM) RSI

The below chart shows the relative strength index (RSI) of BEAM.

BEAM RSI (Source: TradingView)

As shown in the above chart, RSI remains at 62.74. This shows that BEAM’s price is in a nearly overbought state. This shows that traders have to trade carefully, however, major price reversal could take place.

Beam (BEAM) RVOL

The below chart shows the Relative Volume of BEAM. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume.

BEAM RVOL(Source: TradingView)

Currently, the RVOL of BEAM lies below the cutoff line which represents the weaker participants in the current trend.

Beam (BEAM) Moving Average

Beam’s Moving Average (MA) is shown in the chart below. MA supports traders to find trends.

BEAM MA (Source: TradingView)

Currently, BEAM is in bearish state. However, BEAM price touches 50 MA (short-term), and it has a high chance of moving above 50-MA level. Possibly, BEAM can also move above 200 MA (long-term) soon.

Once it moves above 50 MA and 200 MA level, it completely goes to a bullish state. Moreover, there is a high possibility of Trend reversal at any time.

Beam (BEAM) Price Comparison With Bitcoin

The below chart shows the price comparison between BEAM and BTC. 

BEAM vs BTC Price Comparison chart(Source: TradingView)

From the chart, we can identify the trend of the BTC and BEAM is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of BEAM also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the BEAM platform. Beam has a great future ahead in this crypto market. However, BEAM can reach new heights.

Bullish BEAM price prediction 2021 is $1.97. As mentioned above, it may reach great heights, however reaching $2.5 is also possible, if investors have decided that BEAM is a good investment in 2021.

FAQ

What is BEAM?

Beam is a privacy coin whose goal is to explore confidential DeFi. It employs the Mimblewimble protocol, which provides more privacy and enhances scalability.

Where can you purchase BEAM?

BEAM is listed on many cryptocurrency exchanges that include Binance, Gate.io, BKEX, and Pionex. In which the crypto is available to be traded against fiat currencies, stablecoins, and other cryptos.

Will BEAM reach a new ATH soon?

With the ongoing developments and upgrades within the BEAM platform, it has the high possibility of reaching its new ATH soon

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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