In the 24 hours leading up to November 19, the cryptocurrency Beam (BEAM) saw a 12% price gain, which pushed the altcoin to rally to the $0.02024 resistance level.
The digital asset has been facing this resistance level since July 22, but Beam couldn't cross the barrier despite multiple attempts.
Finally, last week on November 11 the altcoin got a major breakout which made BEAM to cross the $0.02024 resistance level as the crypto market was facing a bullish run due to the US election results. This has turned the resistance zone into a support level.
After this feat, the altcoin's price declined 14% due to a short-term correction which coincided with a buying interest in the token, making BEAM rally again.
Last week's development made the $0.02024 price level a launchpad for future rallies as it provides the necessary support to Beam.
The altcoin also saw a 190% increase in large transactions in the 24 hours leading up to November 19. This amounted to $16.53 million.
Such large transactions often mean investors are getting more interested in the token and a price appreciation is likely to come. Hence, it is indicative of the crypto market's confidence in Beam which might suggest the bullish run will continue.
The altcoin’s social volume also reached an all-time high during this period on November 12 which vindicates the crypto community’s interest in DOT. This might spark an investment spree for the digital asset.
A closer look revealed that 57% of BEAM holders are profiting which means they are going for long positions. This might spark a Beam price rally.
The breakout above the resistance level followed by a surge in social engagement and on-chain indicators indicates that the bullish momentum will continue.
Beam is well positioned for short to medium-term gains as support levels have been established and investors' interest is rising. Analysts predict all this will further push the altcoin to the $0.03175 target.
At press time, BEAM was trading at $0.02497, a 2.96% surge in 24 hours and the market cap also rose to $1.24 billion while trading volume went down 37.80% to reach $35.77 million.