BEAM, a gaming-focused crypto, is showing promising signs of a potential price surge. Analyst Altcoin Sherpa shared his bullish outlook for BEAM in a tweet lately.
He highlighted the token’s ongoing consolidation phase as an indicator of a possible upward breakout. Moreover, he emphasizes the gaming sector’s potential for renewed interest, which could lead to an increased demand for tokens like BEAM.
BEAM’s Consolidation Phases Indicating Potential Growth
The chart shared by Altcoin Sherpa highlights two major consolidation zones in BEAM’s price history. The first, marked by a green box, shows a historical phase from late 2023 to early 2024 when BEAM traded within a defined range. This pattern, which resulted in a breakout and price rally, suggests that similar consolidation phases may lead to further upward movement.
In the current market, BEAM is in another consolidation phase, indicated by a black box on the chart. This range, between $0.0124 and $0.01994, shows a stable price pattern where buyers and sellers have reached equilibrium. Altcoin Sherpa describes this setup as “very bullish,” hinting at a potential buildup before an upward price breakout.
Key Support and Resistance Levels
The chart identifies critical levels that could play a major role in BEAM’s price trajectory. The $0.0124 mark represents the support level within the current consolidation phase.
It shows strong buying interest as BEAM has consistently held this line. On the upper end, $0.01994 acts as the resistance point, where BEAM has encountered selling pressure.
A move above this resistance level could confirm a bullish breakout and trigger a price rally. Altcoin Sherpa’s analysis indicates that if BEAM breaks above this range, it may open up new growth opportunities, potentially setting the stage for significant price movement.
BEAM’s historical volume data further supports the bullish setup. During previous consolidation phases, there were substantial volume spikes that led to price increases.
In the current phase, while trading volume remains relatively low, sporadic spikes suggest intermittent buying interest. Altcoin Sherpa notes that a volume increase during a breakout above $0.01994 would strengthen the bullish case for BEAM.
Read also: Celestia’s Unlocks Absorbed Well – Will TIA Price Continue to Pump?
Gaming Sector Sentiment and BEAM’s Potential
According to Altcoin Sherpa, the gaming sector has been relatively quiet since its peak in 2021, but he believes that it will soon regain attention. BEAM, positioned as a gaming token, could benefit from a renewed wave of interest in the sector. This sentiment provides a favorable backdrop for BEAM’s technical setup, as positive trends in the gaming sector could act as a catalyst for BEAM’s price increase.
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