Beam Price Predictions – 28% Rise in October, But What’s Next
Market Analysis
- BEAM bulls are showing strong momentum but may face resistance soon
- Range trading presents opportunities for patient traders and investors
The price of BEAM [BEAM] experienced a notable 9.6% gain on Friday, October 18. Since hitting lows on October 10, the token has surged by an impressive 28.1%. Additionally, its prolonged downtrend since April appears to have entered a consolidation phase.
This is promising news for investors; however, it’s crucial to note that the token is not yet primed for a breakout. Investors should exercise patience and should consider capitalizing on the established support levels.
Range formation provides multiple trading insights over time
Source: BEAM/USDT TradingView
Currently, BEAM is engaged in range trading, a pattern that has persisted since mid-July. The defined range varies from $0.0115 to $0.0196 – indicating a substantial shift of 71% between its low and high points. In recent months, swing traders have effectively utilized this broad range for both buying and selling tactics.
A critical level is identified as the mid-range at $0.0155 where BEAM experienced an upward rally after getting tested as support earlier this week. The Awesome Oscillator has signaled bullish momentum through a crossover.
The A/D indicator shows struggle reaching above previous support levels recorded in August and September; hence distribution activities remain strong despite gains seen in October.
This assessment may vary in accuracy over time.
MWith support around the mid-range,it seems plausible that bulls will attempt to elevate prices gradually.A retest in the region encompassing $0 .0188-$O .0196 could signal potential bearish turnarounds.Listener
