Is this the time to buy high-potential GameFi cryptos?
With bitcoin threatening its yearly high, and the whole of the altcoin space trending upward, is it time to stick a small bet on a couple of gaming cryptos? Beam (BEAM) and Phantasma (SOUL) are two possibilities.
For the conservative investor, the cryptocurrency space is perhaps perceived as rather risky. However, these days, with bitcoin starting to be recognised as an amazing store of value, and a hedge against the huge risks in our fiat monetary system, the crypto space is certainly worth looking at.
GameFi: a potentially explosive niche
A very small percentage of one’s portfolio could be invested into the medium to smaller cap cryptos, and there are many niches within the cryptocurrency sector where an investor can begin their search.
One example of a potentially explosive niche is where blockchain fuses with gaming. GameFi is the name of this particular category, and an example of the innovative nature of this niche is the buying and selling of gaming assets on the blockchain.
Beam (BEAM)
Beam (BEAM) unlocks many possibilities in this area. Recent partnerships with Immutable, Polygon, and the Merit Circle DAO, has brought $BEAM into the spotlight as the 3rd ranking altcoin in the GameFi category with a market cap of nearly $1.3 billion.
Source: Coingecko/Trading View
Looking at the price action for $BEAM on the weekly time frame, it can be seen that the $BEAM price is a long way from its top at $2.08. In fact, the current price of $0.10 really is a far cry. So it’s either a case of a coin going to zero, or an exceptional possibility.
Source: Coingecko/Trading View
Zooming into the short term 4-hour time frame, the price action looks much healthier. A local top in December was followed by sideways, accumulative price action, which culminated in a recent price surge. $BEAM looks to be settling above 0.786 fibonacci, and therefore the next price target could be the 1.618 fibonacci at $0.036.
Phantasma (SOUL)
Source: Coingecko/Trading View
Phantasma (SOUL) is a similar story on the high time frame to $BEAM. An all-time-high of just under $4 in the last crypto bull market, the price has degenerated to under 12 cents. Once again, this is either a fool’s bet, or one made by an astute speculator.
Source: Coingecko/Trading View
Zooming in to the current price action, it can be seen that $SOUL has avoided a lower low, and that the price has just broken out with a view to increasing. A higher high would break the downward trend and perhaps make $SOUL a potential hold for the rest of this crypto bull market.
Finally, trade cryptocurrencies like this with a lot of caution. Make sure stop losses are in place and that full risk management is employed.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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