Trader Says He’s Still ‘Hugely Bullish’ on This Gaming Altcoin, Updates Outlook on Arbitrum and Render

A widely followed crypto strategist is remaining bullish on one gaming altcoin this market cycle.

Pseudonymous analyst Altcoin Sherpa tells his 214,300 followers on the social media platform X that Beam (BEAM) seems to have a lot more upside potential.

“BEAM: one of my bags. 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.”

Looking at the trader’s chart, he suggests Beam could rally to the key upside levels of $0.036 and $0.040.

Beam is trading for $0.031 at time of writing, up slightly in the last 24 hours.

Next up, the analyst says that Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB) may decline more than 15% from the current value.

“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. But the 200-day exponential moving average (EMA) getting lost is not great and this might near retrace the entire move.”

Arbitrum is trading for $1.42 at time of writing, down more than 2% in the last 24 hours.

Lastly, the analyst says Render (RNDR), a project related to Graphics Processing Units (GPUs), could decline nearly 17% from the current value based on Fibonacci retracement levels.

“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.”

Render is trading for $9.03 at time of writing, down more than 1% in the last 24 hours.

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