Beam Price Rebounds From The Lows: Will the Recovery persist?
Beam Price Rebounds From The Lows: Will the Recovery persist?
Meta Description: Beam crypto has noted a rise of nearly 25% in the recent sessions recovering over 50% of the losses indicating the buyers comeback
The price DAA divergence indicator has noted a bearish divergence in the recent sessions indicating a risk of another selloff
At the time of writing, Beam was exchanging hands close to $0.014 recording an impressive 7.2% rise in intraday today.
Amid The turnaround in the market in the recent sessions, few cryptocurrencies are still struggling to take decisive recovery moves whereas few have recovered more than 50% of their losses. Bitcoin has reclaimed above the 60K mark indicating an improved sentiment of the investors.
Beam crypto has noted a rise of nearly 25% in the recent sessions recovering over 50% of the losses indicating the buyers comeback. At the time of writing, Beam was exchanging hands close to $0.014 recording an impressive 7.2% rise in intraday today.
However, the price DAA divergence indicator has noted a bearish divergence in the recent sessions indicating a risk of another selloff from the higher levels. Let's analyze it in a detailed way and try to correlate to find a clear direction for Beam out of it.
Beam Price DAA Divergence Indicator Shows Weakness.
Despite a strong bounce in Beam Price in the recent sessions, the analysts have noted a bearish divergence in on-chain metrics: price DAA divergence indicator. it analyzes if any divergence is formed between the asset price and Daily active address.
<iframe title="Santiment Chart: Price (BEAM), Price DAA Divergence (BEAM)" width="800" height="425" src="embed.santiment.net/chart?ps=onbeam&pt=BEAM&df=2024-07-10T18:30:01.006Z&dt=2024-08-11T18:29:59.006Z&emcg=1&emhwm=1&wm=price_usd;price_daa_divergence&wax=0&wc=#26C953;#FF5B5B&ws=;" scrolling="no"></iframe>
Source: app.santiment.net
The daily active addresses highlight the unique number of addresses that have taken part in the transaction in a given period of time. As per the data obtained from an on-chain analytics website app.santiment.net, a drop in the number of 24 hour active addresses was observed.
However, on observation the Beam price made a sharp bounce despite a drop in the 24 hour active addresses in the recent sessions thus creating a bearish divergence. The formation of a bearish divergence indicates the possibility of a price drop if the 24 hour active addresses maintain the same.
Can Beam Crypto Continue To Recover Or Fail?
Moreover, the trend analysis highlights a prevailing bearish trend with a bounce back in the recent sessions. Beam price hovers below the 50 as well as 200 day exponential moving average indicating weakness over the charts.
However, if the recovery continues to prevail in the upcoming sessions, BEAM may continue to recover and bulls might look to reclaim their territory above the $0.02 level. Now, until the price hovers below the recent supply of $0.02 level, it might carry the risk of selloff at the higher levels.
At the time of writing, the MACD line as well as signal line was placed below the zero line indicating a bearish trend prevailing. However, both the lines were converging indicating a recovery at the moment.
Beam price has risen nearly 25% recently, recovering over 50% of its losses. Currently, it was trading around $0.014 with a 7.2% intraday increase. Despite this, a bearish divergence in on-chain metrics, specifically the price DAA divergence indicator, suggests a potential price drop if the number of daily active addresses continues to decline.
Furthermore, the trend analysis shows a prevailing bearish trend, with Beam below the 50 and 200-day exponential moving averages. However, if recovery continues, Beam could rise above $0.02. The MACD and signal lines are below zero, indicating a bearish trend, but their convergence suggests a possible recovery.
Meta Description: Beam crypto has noted a rise of nearly 25% in the recent sessions recovering over 50% of the losses indicating the buyers comeback
The price DAA divergence indicator has noted a bearish divergence in the recent sessions indicating a risk of another selloff
At the time of writing, Beam was exchanging hands close to $0.014 recording an impressive 7.2% rise in intraday today.
Amid The turnaround in the market in the recent sessions, few cryptocurrencies are still struggling to take decisive recovery moves whereas few have recovered more than 50% of their losses. Bitcoin has reclaimed above the 60K mark indicating an improved sentiment of the investors.
Beam crypto has noted a rise of nearly 25% in the recent sessions recovering over 50% of the losses indicating the buyers comeback. At the time of writing, Beam was exchanging hands close to $0.014 recording an impressive 7.2% rise in intraday today.
However, the price DAA divergence indicator has noted a bearish divergence in the recent sessions indicating a risk of another selloff from the higher levels. Let's analyze it in a detailed way and try to correlate to find a clear direction for Beam out of it.
Beam Price DAA Divergence Indicator Shows Weakness.
Despite a strong bounce in Beam Price in the recent sessions, the analysts have noted a bearish divergence in on-chain metrics: price DAA divergence indicator. it analyzes if any divergence is formed between the asset price and Daily active address.
<iframe title="Santiment Chart: Price (BEAM), Price DAA Divergence (BEAM)" width="800" height="425" src="embed.santiment.net/chart?ps=onbeam&pt=BEAM&df=2024-07-10T18:30:01.006Z&dt=2024-08-11T18:29:59.006Z&emcg=1&emhwm=1&wm=price_usd;price_daa_divergence&wax=0&wc=#26C953;#FF5B5B&ws=;" scrolling="no"></iframe>
Source: app.santiment.net
The daily active addresses highlight the unique number of addresses that have taken part in the transaction in a given period of time. As per the data obtained from an on-chain analytics website app.santiment.net, a drop in the number of 24 hour active addresses was observed.
However, on observation the Beam price made a sharp bounce despite a drop in the 24 hour active addresses in the recent sessions thus creating a bearish divergence. The formation of a bearish divergence indicates the possibility of a price drop if the 24 hour active addresses maintain the same.
Can Beam Crypto Continue To Recover Or Fail?
Moreover, the trend analysis highlights a prevailing bearish trend with a bounce back in the recent sessions. Beam price hovers below the 50 as well as 200 day exponential moving average indicating weakness over the charts.
However, if the recovery continues to prevail in the upcoming sessions, BEAM may continue to recover and bulls might look to reclaim their territory above the $0.02 level. Now, until the price hovers below the recent supply of $0.02 level, it might carry the risk of selloff at the higher levels.
At the time of writing, the MACD line as well as signal line was placed below the zero line indicating a bearish trend prevailing. However, both the lines were converging indicating a recovery at the moment.
Beam price has risen nearly 25% recently, recovering over 50% of its losses. Currently, it was trading around $0.014 with a 7.2% intraday increase. Despite this, a bearish divergence in on-chain metrics, specifically the price DAA divergence indicator, suggests a potential price drop if the number of daily active addresses continues to decline.
Furthermore, the trend analysis shows a prevailing bearish trend, with Beam below the 50 and 200-day exponential moving averages. However, if recovery continues, Beam could rise above $0.02. The MACD and signal lines are below zero, indicating a bearish trend, but their convergence suggests a possible recovery.
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