The cryptocurrency market continues to experience stagnation, but some altcoins are seeing strong gains. Privacy coin Beam (BEAM) has defied this trend, increasing by 8.5% in the past 24 hours. With a price of around $0.01585 and a market cap of $820 million, BEAM has rallied back above its 50-day moving average (DMA). There is hope among bulls that this upward momentum could lead to a recovery to 2024 highs above $0.040, especially with Fed interest rate cuts on the horizon. BEAM is known for its innovation in the privacy coin sector and its focus on the GameFi industry, with developers at Merit Circle claiming to be “creating the future of gaming.”
Despite BEAM’s recent push above its 50DMA, it does not necessarily mean that bulls are in control. BEAM has attempted to break above this level multiple times in the past, only to fail each time. Even if it were to break above the 50DMA, BEAM would still need to surpass key resistance at $0.021. However, BEAM is considered a solid altcoin with a strong use case, making a comeback in this bull market a possibility. Although potential gains of up to 3x towards yearly highs are anticipated, traders seeking larger gains of 10x or more may need to explore more speculative tokens, such as meme coins. One promising meme coin highlighted by analysts at Cryptonews.com is Crypto All-Stars (STARS), a meme coin staking protocol that is currently in presale and has raised over $875,000. Major crypto influencers are showing support for STARS, with predictions of a 29x or even 100x potential return.
Investing in cryptocurrencies comes with high risks, and it is crucial to conduct thorough research and consider all factors before making any investment decisions. This article does not serve as investment advice. The value of your capital could be at risk, as the crypto market is known for its volatility. Cryptocurrencies are a dynamic asset class, and it is important for investors to stay informed about the latest trends, developments, and opportunities in the market. By staying updated on news and insights from trusted sources like Cryptonews.com, investors can make more informed decisions and navigate the crypto landscape more effectively.
