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Popular pseudonymous crypto analyst Altcoin Sherpa on Friday shared his insights on three altcoins: Beam (CRYPTO: BEAM), Arbitrum (CRYPTO: ARB), and Render (CRYPTO: RNDR).
BEAM: A Bullish Bet On Crypto Gaming
Altcoin Sherpa expressed a “hugely bullish” sentiment on BEAM, describing it as a significant, indexed bet on the cryptocurrency gaming sector for the current cycle.
Despite its recent period of stagnation, the analyst remains committed to holding BEAM, viewing it not as a short-term trade but as a long-term hold.
“It’s just chilling the last several weeks. Still hugely bullish on this coin and it’s still an indexed bet on crypto gaming for this cycle. Going to just keep hodling, not a trade,” he tweeted.
Arbitrum Faces Challenges
The outlook for Arbitrum was less favorable, with Altcoin Sherpa predicting a potential decline in its price to $1.20 or lower.
The loss of the 200-day exponential moving average (EMA) was highlighted as a concerning technical development, possibly indicative of a larger retracement.
The analyst suggested a period of consolidation might be beneficial for ARB before any significant price recovery could occur.
“ARB: nasty price moves. I think this one looks like it's going to head to $1.20 or lower. I would like to see it consolidate and chill for a bit before forming a bottom,” Altcoin Sherpa explained.
Also Read: Hong Kong Poised To Approve Spot Bitcoin And Spot Ether ETFs: Report
Render Poised For Recovery
Regarding Render, Altcoin Sherpa advised traders to use Fibonacci retracements to gauge potential buy-in points, particularly focusing on the .382 and .50 levels.
Although expecting a possible drop to around $7.50, the analyst remains optimistic about Render’s prospects going into 2024.
“RNDR: you can now fib out the entire range and wait for the .382 and .50 fibs.
Strong coins like RNDR probably bounce a bit lower, aiming for the $7.50 level. Still bullish on this one though for 2024,” he noted.
Implications For The Future Of Digital Assets
These analyses are particularly timely as the cryptocurrency community looks ahead to Benzinga’s Future of Digital Assets conference on Nov. 19.
The event will likely explore the varying trajectories of gaming tokens like BEAM, as well as infrastructure projects like Arbitrum and creative industry tokens like Render.
Discussions will delve into how these assets are shaping the broader landscape of blockchain and digital currencies.
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