“Beam” (BEAM) is a privacy coin, based on the Monero protocol, which is trying to fix the current flaws with this coin. The Beam platform, implemented in Ethereum, allows users to perform secure transactions on the blockchain, in addition to stealth addresses and a built-in anonymous chat system. Its current price is $0.246835, with a market cap of $3.04M.
What is Beams (BEAM) Beam is a currency-focused cryptocurrency that has been trading for over a year now, and is currently ranked around 3rd across all exchanges. This article breaks down Beam, and provides a technical analysis on where the coin is headed in the year 2021
According to current projections about the future state of the crypto market, there’s a high probability that Beam (BEAM) is going to be a top crypto in the upcoming months. The reason behind it is that the crypto has a very bright future ahead of it and is potentially going to be the best investment in 2019. In the upcoming months, it is anticipated that Beam (BEAM) would be a top cryptocurrency and it would be the best investment of 2019.
We utilize historical data, price analysis, RVOL, MA, and other information about BEAM to evaluate the cryptocurrency’s future trend in Technical Analysis of Beam (BEAM) for 2021.
Beam is a privacy coin that aims to investigate private DeFi. It uses the Mimblewimble protocol to hide transaction values and information while reducing blockchain bloat and increasing scalability.
Beam’s private transaction system enables the production and exchange of a wide range of asset kinds. Mimblewimble (or MW) is a blockchain concept proposed in 2016 by pseudonymous Tom Elvis Jedusor that uses the Proof-of-Work consensus method to enhance network scalability and offer greater anonymity.
Current Market Situation for Beam (BEAM)
At the time of writing, the BEAM price was $0.555, with a 24-hour trading volume of $7,093,172, according to CoinGecko. BEAM, on the other hand, has fallen 3.60 percent in the past 24 hours.
In addition, there are 93,463,760 BEAM coins in circulation. BEAM is currently listed on Binance, Gate.io, BKEX, and Pionex.
Beam (BEAM) Technical Analysis 2021
On CoinGecko, Beam (BEAM) is now ranked 453rd. BEAM may be pushed to new heights by current development and improvements. Let’s take a closer look at the BEAM technical analysis for 2021. The chart of Beam (BEAM) on a daily time period is given below.
Head and Shoulder Pattern (BEAM/USDT) (Source: Tradingview)
A head and shoulders pattern is a chart pattern that consists of a baseline with three peaks, the outer two of which are near in height and the center peak being the tallest. In technical analysis, a head and shoulders pattern is a chart structure that indicates a bullish-to-bearish trend reversal.
BEAM is now trading in a $0.555 range. If the price breaks through the $0.46 trend line support level, it will continue to fall to the $0.24 level. If the trend continues to the upward, the price will shortly hit $1.97.
RSI Beam (BEAM)
The relative strength index (RSI) of BEAM is seen in the chart below.
The RSI is still at 62.74, as seen in the chart above. This indicates that BEAM’s price is almost overbought. This demonstrates the need of traders trading cautiously, since a big price reversal may occur.
RVOL Beam (BEAM)
The Relative Volume of BEAM is shown in the graph below. It’s a metric that shows traders how the current trading volume has evolved over time in comparison to the prior trading volume.
BEAM’s RVOL is now below the cutoff line, indicating the weaker players in the current trend.
Moving Average Beam (BEAM)
The figure below depicts Beam’s Moving Average (MA). MA aids traders in identifying patterns.
BEAM is now in a bearish condition. However, BEAM price has crossed the 50 MA (short-term) and has a good probability of rising above it. BEAM may be able to go over 200 MA (long-term) in the near future.
It fully changes to a bullish condition if it climbs over the 50 MA and 200 MA levels. Furthermore, Trend reversal is a distinct possibility at any moment.
Bitcoin and Beam (BEAM) Price Comparison
The price comparison between BEAM and BTC is shown in the graph below.
Chart comparing the prices of BEAM and BTC (Source: TradingView)
The trend of the BTC can be seen on the graphic, and BEAM is going in lockstep with the trend. This means that when the price of BTC rises or falls, the price of BEAM rises or falls as well.
With the continuous improvements and enhancements to the BEAM platform. In current crypto economy, Beam has a bright future ahead of it. BEAM, on the other hand, has the potential to soar to new heights.
$1.97 is the bullish BEAM price forecast for 2021. As previously said, it has the potential to reach tremendous heights, but it may also reach $2.5 if investors believe that BEAM is a smart investment in 2021.
What exactly is BEAM?
Beam is a privacy coin that aims to investigate private DeFi. It makes use of the Mimblewimble protocol, which improves scalability and anonymity.
Where can you get your hands on BEAM?
Binance, Gate.io, BKEX, and Pionex are just a few of the cryptocurrency exchanges that have BEAM listed. In which the cryptocurrency may be exchanged for fiat money, stablecoins, and other cryptocurrencies.
Will BEAM be able to set a new ATH in the near future?
With the BEAM platform’s continuing improvements and enhancements, it has a good chance of achieving its new ATH shortly.
Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.
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