• BEAM crypto showed signs of a breakout as trading volume rose and the price nears resistance.
• Mixed on-chain signals revealed cautious sentiment, with limited big-holder activity despite rising interest.

Beam’s [BEAM] trading volume recently surged by 21%, with its price rising by 3%. This suggested a potential shift in momentum.

At press time, the altcoin was trading at approximately $0.01878, showing signs of upward movement.

However, whether this momentum can trigger a breakout from its consolidation zone remains to be seen.

Is BEAM ready to break out of its range?

BEAM has been trading within a tight range between $0.015 and $0.022, reflecting a period of consolidation. This extended range suggested a balance between buyers and sellers, with neither side gaining an edge.

However, with the recent increase in volume, BEAM could be gearing up to break out of this range. Consequently, a breakout could signal a new trend.

BEAM faced a significant resistance level at $0.02034, which marks the top of its consolidation range. A breakout above this resistance would likely propel BEAM toward the next major level at $0.03130, offering a 65.11% potential upside.

Conversely, the $0.015 support level is crucial in containing any downside, reinforcing the range’s lower boundary.

Therefore, these levels are essential in determining BEAM’s next direction. If it breaks above $0.02034, it may initiate a rally toward the $0.03130 target.

Furthermore, the chart indicated that a brief pullback to $0.02034 could act as a retest. This strengthened the support and provided an ideal entry point for traders.

Consequently, this pullback could confirm a sustained breakout, attracting more buyers.

BEAM technical indicators show…

Technical indicators offer insights into BEAM’s momentum, the MACD recently showed a bullish crossover. This hinted at increasing momentum.

However, the histogram remains minimal, signaling that the bullish move is still cautious. 

Additionally, the Stochastic RSI shows BEAM near overbought levels, indicating a potential short-term pullback before further gains. Therefore, while momentum is building, it’s essential to watch for a retest before committing.

Can BEAM’s price rally without more address activity?

The Daily Active Address (DAA) divergence showed an 80.3% negative reading. This on-chain metric highlights a significant disparity between price action and address activity, often a bearish sign.

Consequently, despite BEAM’s price rise, the low address activity may question the rally’s sustainability.

Mixed on-chain signals: Are big holders cautious?

The on-chain data presents a complex picture. Net network growth was up by 1.11%, but it’s categorized as bearish.

Meanwhile, the “In the Money” metric stood at 31.44% on the bullish territory. This indicated that many holders are currently profitable. 

Additionally, BEAM’s concentration metric is slightly bullish, while large transactions dropped by 1.98%, suggesting decreased interest from big players.

Therefore, while retail activity appears strong, large holders seem cautious.

Realistic or not, here’s BEAM’s market cap in BTC’s terms

BEAM’s rising volume and price indicate growing interest, potentially leading to a breakout. However, with mixed technical and on-chain signals, the breakout scenario requires cautious optimism.

A move above $0.02034 with solid volume could set BEAM on a path toward $0.03130, but traders should wait for confirmation at key levels to minimize risk.