Privacy Coin BEAM Defies Trends Soaring 4% While Crypto Market Is In a Standstill
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
While the broader crypto market remains stuck in a standstill, some altcoins are enjoying strong gains, with privacy coin Beam (BEAM) defying the sluggish broader trend to sour 8.5% in the past 24 hours.
That’s according to CoinGecko, which has its price at last around $0.01585 and market cap around $820 million.
Per TradingView, privacy coin BEAM had rallied back above its 50DMA on Friday.
The bulls will be hoping that the latest push higher could be the start of a recover back to 2024 highs above $0.040.
With the start of Fed interest rate cuts coming next month, speculative risk assets like privacy coin BEAM could soon start to perform well again.
BEAM is an innovative privacy coin, with its blockchain also heavily geared towards the GameFi industry.
Its developers at Merit Circle claim to be “creating the future of gaming”.
BEAM’s recent push above its 50DMA doesn’t mean the bulls are in control.
Indeed, BEAM has probed breaks above its 50DMA going all the way back to April, and failed every time.
And even if it did break above its 50DMA, BEAM would need to break above key resistance at $0.021.
But BEAM is a solid alt-coin with a great use case. And it stands a great chance of coming back strong this bull market.
3x gains back toward yearly highs are certainly on the cards.
But traders looking to book gains of 10x or more will need to look towards more speculative tokens, and maybe meme coin markets.
One new meme coin that analysts at Cryptonews.com are big fans of is an exciting new meme coin staking protocol called Crypto
Read more on cryptonews.com
