Is It Time to Invest in Gaming Cryptos like Beam and Phantasma?
With bitcoin approaching its yearly high and the altcoin space on an upward trend, you might be considering making a small bet on gaming cryptocurrencies. Beam (BEAM) and Phantasma (SOUL) are two promising options to explore.
GameFi: An Explosive Niche
If you’re a conservative investor, the crypto space might seem risky. However, with bitcoin gaining recognition as a store of value and a hedge against fiat risks, it’s worth considering. One potentially explosive niche is the fusion of blockchain technology with gaming, known as GameFi. This niche allows for the buying and selling of gaming assets on the blockchain.
Beam (BEAM) is a cryptocurrency that offers exciting possibilities in the GameFi space. Recent partnerships with Immutable, Polygon, and the Merit Circle DAO have propelled BEAM to become the 3rd ranking altcoin in the GameFi category, with a market cap of almost $1.3 billion.
Looking at the price action for BEAM, it’s clear that the current price of $0.10 is far from its top at $2.08. This presents either the risk of the coin going to zero or an exceptional opportunity.
On a shorter-term timeframe, the price action for BEAM appears healthier. With a recent price surge, BEAM seems to be settling above the 0.786 fibonacci level, indicating that the next price target could be the 1.618 fibonacci at $0.036.
Phantasma (SOUL) has a similar story on a larger timeframe. With an all-time high just under $4 in the previous crypto bull market, the price has dropped to under 12 cents. This makes it either a risky bet or an opportunity for a savvy investor.
Zooming in on the current price action, it appears that SOUL has avoided a lower low and is breaking out to the upside. If it achieves a higher high, it could signal the end of the downward trend and make SOUL a potential hold for the remainder of this crypto bull market. Just remember to exercise caution when trading cryptocurrencies and implement proper risk management techniques.
Cyrus Dailey stands as a luminary gracefully weaving the roles of crypto analyst, tenacious researcher, and editorial artisan into a captivating narrative of insight. Amidst the intricate world of digital currencies, Cyrus’s perspectives resonate like finely tuned melodies, captivating curious minds from a myriad of perspectives. Her ability to decipher complex threads of crypto intricacies melds seamlessly with her editorial finesse, transforming intricacy into a harmonious composition of understanding.