BEAM Crypto Remains in Bearish Downtrend Amidst Falling Demand and Price

BEAM's fluctuating price at $0.07521 with a 0.78% intraday gain reflects the ongoing battle between bulls and bears. The impressive daily chart structure saw a surge from $0.025000 to $3.00, but a decline ensued on December 4 after reaching the crucial $3.00 supply level. Currently, bearishness prevails as technical indicators (MACD below zero, RSI at 31.26) signal a potential further decline. Active addresses are also decreasing, indicating dwindling demand and value.

BEAM Crypto: Bearish Trajectory Persists Amidst Declining Demand and Value

Intraday Price Movement

BEAM crypto is currently trading at $0.07521, exhibiting an intraday increase of 0.78%. However, this marginal uptick fails to overshadow the underlying bearish trend that has gripped the asset.

Daily Chart Analysis

The BEAM price structure on the daily chart initially displayed an impressive bull run, with the price soaring from $0.025000 in October 2023 to a peak of $3.00 on December 3rd, 2023. This surge was attributed to strong buying pressure from bullish investors.

However, the euphoria was short-lived. On December 4th, 2023, BEAM encountered a crucial supply level at $3.00, triggering a significant sell-off. This triggered a chain reaction, leading to a series of lower lows, as bears relentlessly pressured the price downward.

Bearish Indicators

The technical indicators corroborate the bearish sentiment surrounding BEAM. The Moving Average Convergence Divergence (MACD) is currently below the zero line, indicating that sellers are firmly in control. The Relative Strength Index (RSI) hovers around 31.26, well below the crucial 30 level, suggesting that the asset is not facing significant buying pressure.

Volume Analysis

BEAM crypto has witnessed a continuous decline in volume inflow over the past few weeks. The average volume has plummeted from $146 million in March to a mere $20 million in April. This drastic drop in volume suggests a waning interest in BEAM, as traders and investors become increasingly apprehensive.

Active Addresses

The number of active addresses on the BEAM network, representing unique user addresses involved in transactions, has also been on a steady decline. Within the past 24 hours, only 397 distinct addresses participated in transfers. This decline in active addresses further reinforces the dwindling demand and value of BEAM.

Technical Levels

Key support and resistance levels for BEAM stand at $0.06300 and $0.13000, respectively. If the price breaks below the immediate support level of $0.06300, it could plunge to even lower levels. Conversely, a break above the resistance level of $0.13000 would signal a potential bullish reversal.

Conclusion

BEAM crypto is currently embroiled in a bearish spiral, with multiple indicators pointing towards a continuation of the downtrend. The declining volume inflow, decreasing active addresses, and unfavorable technical indicators all paint a bleak picture for the asset.

Investors should proceed with caution when considering BEAM as an investment, as the risk of further losses remains high. The market sentiment surrounding BEAM remains negative, and a substantial recovery appears unlikely in the near future.