The BEAM crypto has been trading in a downward parallel channel; despite significant attempts to breach the wedge, both parties of bulls and bears failed to achieve that, which led to big wicks forming on the daily chart. The first failed attempt was of a bear breakdown on April 13th, and the second was a bull break on May 31st, 2024.
The entire price action so far highlights the movement in the wedge only; the recent price has taken support and surged from $0.01537; it could hit the target of $0.0244, and if it manages to break this time out of the wedge, then the next target would be $0.0312.
The bullishness up to the trendline looks confirmed by the MACD bullish cross with a rising histogram at 0.00034, and the RSI jumped from 14-SMA and glared at 46.41.
However, the loss of support of $0.01537 could do a favor to bears, and a breakdown could start, as well. So, in both cases, the investors should be prepared and cautious (DYOR).
The entire price action so far highlights the movement in the wedge only; the recent price has taken support and surged from $0.01537; it could hit the target of $0.0244, and if it manages to break this time out of the wedge, then the next target would be $0.0312.
The bullishness up to the trendline looks confirmed by the MACD bullish cross with a rising histogram at 0.00034, and the RSI jumped from 14-SMA and glared at 46.41.
However, the loss of support of $0.01537 could do a favor to bears, and a breakdown could start, as well. So, in both cases, the investors should be prepared and cautious (DYOR).