Elliott Wave Forecast Team
ElliottWave-Forecast.com
BEAMX token is a Confidential Asset issued on top of the Beam blockchain. In today’s article, we’ll dive into the Elliott Wave structure taking place and we’ll explore the potential path based on the Theory.
Merit Circle (MC) token redenomination and rebranding to Beam (BEAMX) took place on November 2023. Since then, the new coin rallied for +800% in 4 months within an impulsive 5 waves structure. The initial move is designed to be a wave ((1)) and it’s currently followed by decline to correct the previous cycle in wave ((2)).
The cycle from March 2024 peak is unfolding within a Double Three corrective structure and it’s currently showing 5 swings to the downside. Therefore, we can expect still 2 more swings to finish a 7 swing structure toward the equal legs area at $0.013 – $0.007. This extreme blue box area is expected to provide support for the token and a daily reversal will take place from there to start the next leg to the upside within wave ((3)). Investors are expected to show up within the mentioned extreme area in preparation for a new daily cycle to the upside and they will be looking for an initial target around $0.063 area.
BEAMX daily chart 7.2.2024
Setup Recap
-Time Frame : Daily
-Entry Area : $0.013 – $0.0072
-Invalidation Condition : Daily Close below $0.005
-Target : $0.063
-Ratio : 6.25 RR
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