Cryptocurrency BEAM faces a downturn amid a general market decline, despite a sharp increase in trading volume.
State of BEAM in the Market
BEAM recorded a loss of over 3%, trading at $0.0059. The broader cryptocurrency market has pulled back, with a cap of $3.37 trillion. In the last 24 hours, BEAM experienced a 3.60% drop, though its trading volume exploded by 141%, reaching $58.52 million.
Technical Analysis
The four-hour technical analysis shows the MACD line briefly above the signal line, indicating potential positive sentiment. However, the Chaikin Money Flow at -0.27 suggests an outflow of funds, signifying moderate selling pressure.
Future Predictions
Current resistance levels for BEAM are around $0.006059 and $0.006065. If the price continues upward, further gains could be realized. On the downside, support lies at $0.006049 with potential sharper corrections below that level.
Despite recent gains and positive technical indicators, BEAM faces selling pressure. Investors and traders should monitor developments closely for informed decision-making.
