A crypto expert bets on a surprising altcoin for this market cycle
A prominent crypto analyst has shared his positive long-term outlook for a lesser-known gaming altcoin.
Known as “Altcoin Sherpa“, the trader believes that open source gaming blockchain Beam (BEAM) has a solid potential to outperform other altcoins in the gaming cryptocurrency sector.
According to the analyst, BEAM is poised for a significant upward move during the current bull market cycle.
Altcoin Sherpa warned against buying BEAM at the current price level, urging potential investors to be patient and wait for a more suitable entry point.
However, the analyst shared bullish sentiment on BEAM over the long term, predicting significant growth going forward.
Additionally, the expert identified BEAM, along with blockchain oracle Chainlink (LINK) and the cross-chain decentralized finance (DeFi) project SuperVerse (SUPER), as altcoins that experienced prolonged accumulation phases before turning profitable. Altcoin Sherpa also noted a recurring pattern among these coins: significant upward moves followed by periods of consolidation before subsequent rises.
Altcoin Sherpa highlighted the potential for profitable swing trades in these coins, citing several factors such as their solid fundamentals, decent liquidity and relatively high market capitalization. Moreover, these coins have demonstrated stable and sustainable performance in the past.
There are several coins that had long accumulations and the same type of pattern:
1) big strong move up
2) chop/consolidation for weeks
3) next move upYou want to find coins that have some semblance of narrative/fundamentals. $ LINK $SUPER $BEAM
These types of coins oftentimes… pic.twitter.com/l8IWt3YNqt
— Altcoin Sherpa (@AltcoinSherpa) February 11, 2024
The analyst provides evidence to support this with a chart depicting LINK’s breakout of two accumulation phases, which reinforces the idea of these coins’ potential for significant price moves in the future.
