While the rest of the crypto market slumped, BEAM was up 7.4%, emerging as the leading gainer among the top 100 cryptocurrencies on Oct. 23.
Top 100 cryptocurrency Beam (BEAM) led gains on Oct. 23 with a 7.4% rally, as the rest of the crypto market slid.
Beam (CRYPTO: BEAM) rose by 27% from its lowest point this week to an intraday high of $0.0198. The altcoin’s market cap crossed the $1 billion mark as its daily trading volume soared past $101.8 million, up by 161% from the previous day.
This上昇 coincided with a surge in its futures open interest. According to data from CoinGlass, open interest in the futures market reached a three-month high of $11.87 million, up from the Sept. 8 low of $3.54 million. A rise in futures open interest indicates increasing interest from traders, which can add momentum to the trend — in this case, a bullish one.
On the 1D BEAM/USDT price chart, the token traded above the 50-day and 100-day Exponential Moving Averages, signaling the continuation of a short-term bullish trend.
The Relative Strength Index line surged to around 62, indicating strong bullish momentum. A positive divergence between the RSI and price action suggests that the market is likely experiencing a growing bullish trend, with further upward price movement expected.
Meanwhile, the Moving Average Convergence Divergence indicator plotted bullish histogram bars on the chart as the MACD line crossed above the signal line, indicating buying pressure. This aligns with the price action, suggesting an accumulation phase among buyers, which could lead to sustained upward price momentum in the short to mid-term.
Although the potential catalyst for Beam’s recent rally could not be confirmed, one analyst noted that the altcoin appeared to be breaking out of a descending accumulation channel that has been forming since March. In technical analysis, such a breakout is said to indicate a possible trend reversal, adding to the bullish sentiment for the altcoin.
Pseudonymous trader Mister Crypto suggested that if BEAM manages to break through the resistance level at $0.020, which the token failed to cross on multiple occasions since July, the breakout could lead to a strong bullish trend and a possible “price explosion.”
On the bearish side, large holders of BEAM appear to be stepping back. According to data from IntoTheBlock, large holders of the token accumulated 3.49 billion BEAM, worth around $63.5 million, on June 18. However, this contribution has since dropped to around $1 million. Notably, whales hold over 73.9% of the total BEAM supply, and a sharp decline in their inflows could put downward pressure on the altcoin if these traders decide to sell their holdings.