BEAM Price Prediction – A 28% Rally in October, But Here’s What Comes Next

• BEAM bulls have momentum, however can rapidly get into hassle
• Outreach may gain advantage merchants and traders with endurance

Ray [BEAM] rallied 9.6% on Friday, October 18. From the low it recorded on October 10, the token rose a decent 28.1% on the time of writing. April’s long-term downward pattern additionally appeared to have entered a consolidation section.

Whereas that is encouraging information for traders, the token is not prepared for a breakout simply but. Subsequently, traders ought to stay affected person and take into account shopping for on the help ranges outlined.

Vary constructing provides many buying and selling alternatives over time

Supply: BEAM/USDT on TradingView

BEAM has been buying and selling inside a spread since mid-July. This vary prolonged from $0.0115 to $0.0196, a 71% distinction from backside to prime. This wide selection has provided swing merchants preferrred shopping for and promoting alternatives in latest months.

The mid-level of $0.0155 was additionally a major stage. Earlier this week it was retested as help, and since then BEAM has moved greater. The Superior Oscillator fashioned a bullish crossover to sign a shift in momentum.

In distinction, the A/D indicator struggled to climb previous a stage that had been a help level in August and September. This meant that distribution was the strongest power, regardless of October’s positive factors.

Subsequently, swing merchants ought to be ready to promote BEAM close to the vary highs and should take into account shorting after a rejection beginning at $0.0196.

The magnetic zone may pull BEAM just a little greater

Supply: Mint glass

AMBCrypto discovered that there was a major focus of liquidation ranges at $0.0185-$0.0188, and one other at $0.0138. On the time of writing, BEAM was buying and selling slightly below its former liquidity place.

Life like or not, right here is BEAM’s market cap in BTC phrases

Mixed with the mid-level serving as help, it’s probably that the bulls will handle to push the worth barely greater. The retest of the $0.0188-$0.0196 area could be anticipated to supply a bearish reversal.

Disclaimer: The data introduced doesn’t represent monetary recommendation, funding recommendation, buying and selling recommendation or some other type of recommendation and is solely the opinion of the author