The price of Beam (BEAM), the native cryptocurrency of the Beam gaming network, has seen significant unpredictability in recent days according to a popular YouTube crypto analyst.
In a video posted to the CryptoWorld YouTube channel on Nov. 20th, the analyst explained that BEAM had increased its price 11% in the last 24 hours before crashing back down. However, the analyst believes BEAM is positioned for another leg up after forming a head and shoulders pattern on the technical chart.
The crypto analyst believes Beam is on the verge of a major price movement based on technical analysis. He stated that Beam has formed a head and shoulders pattern, which from a technical perspective suggests a crash is imminent.
The analyst predicts the Beam price will crash from its current level of $0.0093 down to his target of $0.0083 within the next 3-4 hours. The analyst recommends traders “do it short and print money like a machine” to capitalize on this impending price drop.
The analyst’s price target represents a significant loss from current levels. He recommended traders take a short position and “print money like a machine.”
BEAM is the native cryptocurrency of the Beam gaming ecosystem, which is built and governed by the Merit Circle decentralized autonomous organization (DAO). The network aims to bring developers and gamers together to shape the future of blockchain gaming.
The BEAM token serves multiple purposes on the network. It acts as a gas token to pay for transactions and interactions with smart contracts. BEAM also gives holders governance power over the Merit Circle DAO.
The analyst’s BEAM price target comes amid growing enthusiasm around blockchain gaming. However, the extreme volatility highlights the risky nature of cryptocurrency investments. Traders should exercise caution and only risk capital they can afford to lose.