- Beam crypto soared 12% within 24 hours, supported by strong fundamentals.
- Over 57% of Beam addresses were profitable, with a significant surge in large transactions.
Beam [BEAM] has witnessed a sharp 12% price increase in the last 24 hours, pushing the altcoin above the critical level at $0.02024.
This resistance level had held firm since the 22nd of July, seeing multiple retests and rejections over the aforementioned duration.
The breakout on the 11th of November marked a critical moment as it coincided with the market anticipation surrounding the U.S. elections. This milestone turned the $0.02024 resistance into new support.
Shortly after, Beam’s price dipped by 14%, signaling a short-term correction. This dip was met with strong buying interest, allowing the token to resume its bullish rally.
The $0.02024 price level was now a strong support, and could act as a launchpad for further rallies.
Source: TradingView
Increased large transactions signal rising interest
AMBCrypto analysis of IntoTheBlock indicated a remarkable 190% surge in large transactions within the last 24 hours, amounting to $16.53 million.
Large transaction spikes often indicate increased activity from major investors and can precede further price appreciation.
This trend suggests growing confidence in Beam, possibly hinting at continued bullish momentum.
