Beam Price Soars 22% Amid $150M Abu Dhabi Venture Fund Announcement – Will this Event Propell BEAM to a $0.045 High?
Highlights:
- Beam jumps 22% to $0.03994 with a $314M trading volume.
- Beam will debut a $150M Abu Dhabi gaming fund in 2025.
- Abu Dhabi boosts Web3 growth with regulations and investments.
The Beam price has surged 22% in the last 24 hours to trade at $0.03994 as of 5 a.m. EST, on a 67% pump in trading volume to $314 million. The increase in price comes as the Beam Foundation plans to unveil a $150 million Abu Dhabi-based venture fund focused on blockchain gaming projects in early 2025. It will also delve into investments in artificial intelligence, augmented reality, and user-generated content.
Today marks an important milestone for the whole @BuildOnBeam family. I’m very excited to announce that @BeamFDN is launching Beam Ventures – the first gaming focused fund & accelerator in Abu Dhabi. Target size: $150M. Launch: Q1/Q2 2025.$beam pic.twitter.com/nm4YV2wl0g
— mark (@meritcirclorr) December 11, 2024
To that end, the venture fund will have an accelerator to support portfolio startups with strategies for brand building and overall growth. At present, the Beam platform supports player asset ownership, which needs 20 games.
Abu Dhabi has become a crypto-friendly hub, luring startups with regulatory frameworks and investments. In 2024, firms like QCP Capital and DWF Labs set up shop there. The UAE’s Central Bank introduced stablecoin licensing in June, reflecting the region’s commitment to Web3 development.
Meanwhile, blockchain gaming continued its resurgence in 2024, capturing 28.2% market share and $222 million in venture capital investments in November.
BEAM Statistics
- Beam price: $0.03994
- Market capitalization: $2.09 billion
- Trading volume: $314 million
- Circulating supply: 52 billion
- Total supply: 61 billion
Beam Price Spikes Within the Bullish Channel
BEAM/USD displays strong bullish momentum, and the pair is trading around $0.04015, while on the 4-hour chart. It is evident from the price action that a steady uptrend has occurred within a bullish channel, and higher highs and higher lows have been formed. Notably, the price recently penetrated the upside boundary of this channel, meaning the continuation of the uptrend.
Some key support levels are well-marked within the chart. The main support area rests around $0.02583, which coincides with the 200-MA and should serve as a solid foundation for the uptrend. Another important mark, or “Support Level 1,” is found at around $0.03348, closer to the lower boundary of the channel. These levels are important in maintaining the current structure as bullish.
Moving averages in that respect confirm the bullish view: the 50-day MA is trending upwards and located well above the 200-day MA, which is a sign of great upward momentum. The price also stays well above both of them, confirming such a view. The MACD and RSI could add more clarity to these analyses.
BEAM Indicators Show Strong Uptrend
The MACD reflects that the MACD line is above the signal line, accompanied by positive histogram bars, which all signal increasing buying pressure. The overbought conditions at the RSI-70.55 are likely to create some near-term pullback or consolidation in the prices.
If the Beam price sustains above the breakout point, higher resistance levels around $0.045 could be targeted. Conversely, a rejection at current levels could lead to a retest of the $0.03348 support level. If this level fails to hold, the price could decline further toward the support zone near $0.02583. Traders should pay close attention to these levels for either continuation or reversal signs.
The BEAM/USD pair is in a strong uptrend, supported by bullish indicators and a breakout above the channel. However, the overbought RSI suggests caution, as a pullback or period of consolidation could occur before the next upward move.
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Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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