How are you handling this crypto crash? Not well probably, but it’s all part of the bull market process. And even on days like this, some coins are pumping out there, for example, BETA. This altcoin pumped over 20% today in what otherwise is a “bloodbath” for crypto prices.
While searching for the possible reasons for the positive sentiment within the Beta Finance community, we found some possible answers:
- Descending Channel Breakout and Retest Have Been Confirmed
The price of BETA broke out of a descending channel formation seven (7) days ago. Since then, it has traded sideways before finally going for a retest. The price has now retested successfully and bounced off the descending trendline; making the former resistance a support.
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Show more +This has ushered in a rush of bull pressure, and yesterday alone, BETA rose by more than 40% before retracing. Today, we expect the move to continue, except the general market sentiment affects its price. If this happens, then we might see a little delay in any major pump.
If the price of Beta Finance keeps going up, it might reach $0.139. This would be more than a 60% increase from the current price.
2. Decentralized Autonomous Organization (DAO) Vote by BETA Token Holders
There’s an ongoing DAO vote about the plan to add wrapped bitcoin (WBTC) to Arbitrum. Beta Finance posted about the vote yesterday, asking Beta token holders to participate.
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If the vote gets approved by the DAO members, WBTC will be supported to make Arbitrum deposits within the Omni Protocol.
BETA holders are the main voters here, and the increased efficiency within the network can increase the demand for the token, making the price go up.
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