BEAM, a gaming sector and ecosystem token, rallied 45.2% in the last 24 hours, with daily trading volume increasing by 1,115%. The asset, which has a market cap of $241.6 million, has maintained an uptrend since July.
The recent surge came as the Beam Foundation burned 984.249 million BEAM tokens worth approximately $3.37 million that had been held by a Binance hacker. The burn was executed using the Gnosis Safe Burn Signature.
Technical momentum extends since June
BEAM broke above a downtrend's lower high at $0.0016 in June, establishing a bullish structure. The latest leg higher occurred when the token surpassed the $0.00356 high recorded on October 23rd, reaching higher prices by October 30th on elevated volume.
The daily chart shows the relative strength index at 82, indicating overbought conditions. However, previous overbought readings in October coincided with a 16.54% gain over ten days, suggesting extended rallies are possible even with elevated RSI readings.
Key support levels and trader considerations
On the 4-hour timeframe, two support zones merit attention: $0.00445, which acted as a demand zone over the prior 24 hours, and the $0.0034 order block that initiated the broader uptrend.
Swing traders may consider taking profits or adjusting trailing stop-loss orders to just below $0.0034 according to their preferred strategy. A pullback toward $0.0040 could present a buying opportunity, but traders are advised to wait for clear signs of a pullback before seeking re-entry points rather than rushing into new positions.
