The Volatility of Beam (BEAM) Cryptocurrency
According to a popular crypto analyst on YouTube, the price of BEAM, the native cryptocurrency of the Beam gaming network, has experienced significant volatility in recent days. The analyst reported a substantial 11% increase in BEAM’s price over a 24-hour period, followed by a sudden crash. However, the analyst believes that BEAM may be poised for another upward movement, citing the formation of a head and shoulders pattern on the technical chart.
The analyst predicts a potential major price movement for BEAM based on technical analysis. Specifically, he anticipates a crash from the current price of $0.0093 to a target of $0.0083 within the next 3-4 hours, advising traders to take a short position to capitalize on this anticipated drop.
BEAM is the native cryptocurrency of the Beam gaming ecosystem, which is governed by the Merit Circle decentralized autonomous organization (DAO). The crypto token has utility as a gas token for transactions and offers governance power over the Merit Circle DAO to holders.
The Risky Nature of Crypto Investments
The fluctuating price of BEAM comes amid growing interest in blockchain gaming, highlighting the speculative nature of cryptocurrency investments. Traders should approach cryptocurrency investments with caution and only risk funds they can afford to lose.
Hot Take: Proceed with Caution in Crypto Investments
The volatility of BEAM and the cryptocurrency market in general serves as a reminder of the unpredictable nature of investments in the crypto space. While the potential for significant gains exists, it is crucial to approach crypto trading with careful consideration and a willingness to accept potential losses.
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