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While the overall cryptocurrency market remains stagnant, certain altcoins are experiencing significant increases, with the privacy coin Beam (BEAM) bucking the sluggish trend to rise by 8.5% in the last 24 hours.
This information comes from CoinGecko, which currently lists its price at approximately $0.01585 and a market capitalization around $820 million.
According to TradingView, privacy coin BEAM managed to climb back above its 50-day moving average (50DMA) on Friday.
The bullish sentiment suggests that this recent upward movement could signal the beginning of a recovery towards 2024 highs exceeding $0.040.
With the anticipated commencement of Federal Reserve interest rate reductions next month, speculative assets like privacy coin BEAM may soon see improved performance.
BEAM is a cutting-edge privacy coin, with its blockchain significantly focused on the GameFi sector.
Its developers at Merit Circle assert they are “creating the future of gaming.”
Privacy Coin BEAM Could Surge – But This Alternative Might Outperform
BEAM’s recent rise above its 50DMA does not necessarily indicate that the bulls have taken control.
In fact, BEAM has attempted to break above its 50DMA since April, but has failed on each occasion.
Moreover, even if it successfully surpasses its 50DMA, BEAM would still need to overcome significant resistance at $0.021.
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However, BEAM is a robust altcoin with a valuable use case, and it has a strong potential to rebound in this bull market.
Threefold gains back towards yearly peaks are certainly feasible.
Nonetheless, traders aiming for returns of 10x or more may need to consider more speculative tokens, possibly in the meme coin sector.
One emerging meme coin that analysts at Cryptonews.com are enthusiastic about is an innovative meme coin staking protocol known as Crypto All-Stars (STARS).
This promising new meme coin is currently in presale and has already secured over $875,000.
Additionally, numerous prominent crypto influencers are starting to endorse the coin.
ClayBro informed his 130,000 YouTube followers that STARS could represent a 29x opportunity.
Meanwhile, analysts at the well-known crypto education platform 99Bitcoins believe the coin has the potential for 100x returns.
They also highlight the substantial passive income yield available for presale investors.
Learn More About Crypto All-Stars Here
The post Privacy Coin BEAM Defies Trends Soaring 4% While Crypto Market Is In a Standstill appeared first on Cryptonews.
