This week, a number of notable altcoins experienced single- and double-digit breakouts, with BEAM rising 11%, Pyth rallying 8%, and Arbitrum rising 6%. While crypto sentiment remains upbeat overall, project-specific growth drivers fueled the rallies.
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BEAM Rides GameFi Hype and Speculation
BEAM saw renewed interest recently as the GameFi sector returns to prominence given the positive market structure. BEAM facilitates gamified blockchain experiences via NFT interoperability and metaverse integrations.
The network continues to gain adoption with over 653,000 addresses and a growing daily transaction count—now above 2 million. Speculation around BEAM’s ecosystem capturing significant value as blockchain gaming catches mainstream interest is likely driving the price higher.
Notably, BEAM’s daily Relative Strength Index (RSI) sits at 79 currently. An RSI above 70 typically means an asset trades in overbought territory currently and risks a short-term pullback.
BEAM is up by 11% in the last 24 hours and 70% in the last seven days. Additionally, the token has increased by 53% in the last 30 days.
According to pseudonymous crypto analyst Gambit, BEAM positioning itself atop the emerging GameFi sector long-term warrants a multi-billion dollar valuation.
Comparing it to previous market leaders like Axie Infinity and Sandbox, Gambit sets a conservatively high macro price target of $0.20 for BEAM’s token. At current supply levels, this implies a market capitalization of over $20 billion, which aligns logically if BEAM manages to capture leadership in blockchain gaming.
Pyth Approves DAO Constitution
Pyth Network’s PYTH governance token similarly broke out after its community approved a constitution for the Pyth DAO on-chain.
As a leading oracle network with deep DeFi roots, this marks a milestone in Pyth’s efforts to become a truly decentralized autonomous organization. The DAO would act as the decision-making authority for the protocol’s governance and ongoing development.
Similar to BEAM, Pyth’s daily RSI of 77 indicates possible overextension in the near term. Value investors might wait for a mid-term dip before entering.
PYTH is up by 8.8% in the last 24 hours and 31% in the last seven days. Additionally, the token has increased by 71% in the last 30 days.
Arbitrum Benefits From Ethereum Lift
Finally, Ethereum layer-2 leader Arbitrum outpaced the top altcoins, likely as a result of ETH’s price explosion. Arbitrum facilitates fast and cheap transactions while benefiting from Ethereum’s security.
With optimism around scaling solutions renewed alongside Eth’s bullish trajectory, Arbitrum finds itself back in the spotlight as a leading contender in the Layer-2 arena – now reflected in its token price. At a daily RSI of 62, ARB offers more upside potential in the short term versus the other outperformers.
ARB is up by 6% in the last 24 hours and 13% in the last seven days. Additionally, the token has dropped by 4.1% in the last 30 days.
In conclusion, altcoins BEAM, Pyth, and Arbitrum broke out this week thanks to project-specific catalysts like growing adoption, DAO formation, and ETH’s rising tide. However, overextended relative strength readings suggest some cooling off period might arrive for BEAM and Pyth, while Arbitrum offers more upside potential in the short term.
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