BEAM Price Prediction 2021 – Will BEAM Hit $3 Soon?
- Bullish BEAM price prediction ranges from $0.78 to $2.06.
- The BEAM price might also reach $3.
- BEAM bearish market price prediction for 2021 is $0.49.
In BEAM price prediction 2021, we use statistics, price patterns, ADX, and much other information about BEAM to analyze the future movement of the cryptocurrency.
Beam is a scalable, private cryptocurrency built on the MimbleWimble and LelantusMW protocols, with the goal of exploring the world of confidential Decentralized Finance (DeFi).
To achieve network consensus, the Beam blockchain employs Proof-of-Work (POW). Beam uses the MimbleWimble protocol to improve privacy and fungibility while reducing blockchain fatigue.
Current Market Status of Beam (BEAM)
According to Coingecko, the price of Beam is $0.561 with a 24-hour trading volume of $9,895,253 at the time of writing. However, BEAM dropped to 8.26% in the last 24 hours.
Moreover, BEAM has a circulating supply of 90,579,280 BEAM. Currently, BEAM trades in cryptocurrency exchanges such as Binance, BitForex, BitZ, Gate.io and XT.COM.
Beam (BEAM) Price Prediction 2021
Beam (BEAM) holds the 406th position on CoinGecko right now. BEAM price prediction 2021 explained below with a daily time frame.
A head and shoulders pattern is a performance measure with three peaks on a chart, the outside two being close in height and the middle being the highest.
More so, the theory explains that the chart formation forecasts a bullish-to-bearish trend reversal. One of the most reliable trend reversal patterns is the head and shoulders pattern.
Following long bullish trends, the price rises to a peak and then falls to form a trough. The price rises again to form a second high that is significantly higher than the initial peak, then falls again. The price rises a third time, but only to the level of the previous peak before falling again.
Currently, BEAM is waving at its third fall at $0.56. After this, BEAM would continue to fall. With this pattern, BEAM will soon reach $0.46. If the trend reverses, then the price of BEAM may rise to $2.06.
Beam (BEAM) Support and Resistance Level
The below chart shows the support and resistance level of Beam (BEAM).
From the above chart, it is observed that the following are the resistance and support level of BEAM.
- Resistance Level 1 – $0.78
- Resistance Level 2 – $1.02
- Resistance Level 3 – $1.48
- Resistance Level 4 – $ 2.06
- Support Level 1 – $0.49
- Support Level 2 – $0.34
- Support Level 3 – $0.24
The chart depicts the bearish performance of BEAM over the previous month. However, this trend will continue to fall then BEAM would reach support level at $0.46. On the contrary, if the trend reversed then BEAM might rise to $0.90 presenting a bullish signal.
Beam (BEAM) Average Directional Index (ADX)
Let us now look at BEAM’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).
Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.
The above chart represents the ADX of BEAM which made a downtrend crossover in mid-May. Currently, the range of ADX is at 16.86, so it indicates a weak trend.
Conclusion
The BEAM is one of the cryptos which is great for long-term investment. In addition, short-term BEAM price prediction is bearish. But, it has a good chance of reaching $2.06 this year. However, this will only happen if many previous psychological barriers are broken.
Furthermore, with the advancements and upgrades on the BEAM ecosystem, the performance of BEAM would rise reaching $2.06 very soon. But, it might also reach $3 if the investors believe that BEAM is a good investment in 2021.
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Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
