The price of Beam [BEAM] has experienced a significant 12% surge in the past day, propelling this digital asset above the crucial threshold at $0.02024.
For a period starting from July 22nd, this resistance level had remained unyielding, facing numerous tests and refusals over that period.
The breakout that occurred on November 11th marked a pivotal moment coinciding with the excitement leading up to the U.S. elections. This breakthrough transformed the $0.02024 resistance into a newly established support level.
Following a 14% decrease shortly after, which signaled a short-lived correction, a strong interest in purchasing emerged, enabling the token to resume its bullish trend.
Now, the $0.02024 price point stands as a robust support level, potentially serving as a platform for further upward movements.
Upward Trend Detected Through Increased Large Transactions
An analysis by IntoTheBlock revealed a noteworthy 190% increase in substantial transactions over the previous 24 hours, totaling $16.53 million.
Sudden spikes in large transactions typically signify heightened engagement from prominent investors and often precede further price gains.
This pattern indicates a growing trust in Beam, potentially hinting at a sustained bullish drive in the market.
Expansion in Beam’s Social Involvement
In addition, data from Santiment illustrated a gradual rise in Beam’s social activity. The altcoin hit a peak on November 12th, reflecting a surge in interest within the digital currency community.
This uptick in social buzz could serve as a stimulating factor, drawing more attention and investments towards the coin.
Furthermore, an examination of Beam’s holder distribution showed that 57% of its addresses were profitable at the current time.
This suggests that holders are likely to maintain their positions, potentially expanding their long positions, leading to a potential surge.
Future Prospects for Beam Cryptocurrency
With Beam surpassing the $0.02024 mark, solid on-chain signals, and an escalating social engagement, indications point towards a positive outlook for the future.
Having established crucial support levels and attracting interest from more significant market players, Beam seems well-positioned for ongoing growth in the near to medium term.
The next milestone in sight is the $0.03175 level.