Beam price slipped 6% on Friday as the money rotated in the altcoin market. On the same day, Bitcoin price showed a 0.41% correction after another failure to break above $44,000 resistance. As a result, many altcoins like Merit Circle (Beam) had a correction.
At the time of writing, Beam was trading at $0.0183, 32% below its all-time high. The price was retesting a 4H support level, which could be broken due to increasing selling pressure. The overall market sentiment around the altcoins remained positive as the Total 3 market cap increased 0.11%.
Beam crypto outperformed most altcoins in the first half of December as the interest in GameFi cryptocurrencies exploded. However, due to profit taking, the price is now experiencing a 32% correction from its all-time high.
Its trading volume is also decreasing on the crypto exchanges, which shows that investor interest has fallen in the last couple of days. However, Merit Circle (MC) and Beam can still make a comeback as the high timeframe uptrend remains intact.
I have marked the key support levels on the following BEAM/USD chart from which the price may bounce in the coming days. The nearest support level is the $0.0183 level which is close to the current price. In case, of a breakdown, the next support lies at $0.0174.
I expect the Beam price prediction to turn bearish in case of a breakdown below the $0.0174 level. If this happens, I will wait for a higher high on the 4H timeframe to buy it for another leg up.
