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Altcoin News

Grin And Beam Retests Main Support, Will Prices Snap Back And Rally To June 2019 Highs?

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Grin and Beam price analysis

Latest Grin and Beam News

The objective of the Mimble Wimble protocol is, above everything, front privacy. Privacy is increasingly becoming a contentious subject where regulators and even law enforcement from several countries, especially in the US are wading in, giving their opinion. The Secret Service has, in fact, highlighted their concerns about Monero and other privacy-centric coins detailing their use in perpetrating illegalities. 

However, the rise of this alternative option which rids addresses while inherently scaling the network is indeed a reprieve for hardliners demanding their right for privacy. Besides, it’s a welcomed move by researchers of various projects viewing Mimble Wimble as a fitting solution that can be implemented in their network. 

Beam and Grin are two solutions for implementing Mimble Wimble. From the look of things-especially considering their rally in the last few months, release and demonstration that the option works is drawing interest from across the cryptocurrency space.

In an interview, Alex Romanov, BEAM’s CTO said his network solves inherent problems within Bitcoin. These are scalability and privacy. Similarly, Grin introduces anonymity in transactions complementing Monero and similar coins. The buzz around Grin’s prospect and their desire to build on the cypherpunk dream has seen it supported by BitcoinTalk. Theymos, the administrator said he’s “super excited about Grin” adding that it is “clearly built in the same cypherpunk spirit that Bitcoin was.” 

Nonetheless, Grin’s constant emission leads to high inflation and could prove to be an undoing. Then again, the anonymous founder Peverell took leave and his return or failure to resume development could boost or crash Grin’s prices.

GRIN/USDT Price Analysis

At the time of press, Grin is trading within a bullish break out pattern against USDT. Even so, the coin is down 8.4 percent in the last week. Despite the selling pressure, buyers have a chance. It all depends on whether prices will find support at $4. 

Definitive in that $4 is the break out level and any reaction that will buoy prices will complete the retest phase, Grin prices are at a precipice. Assuming there is a double bar bullish pattern off this main support line, odds are buyers will flow back and the result could see Grin float back to June 2019 highs of $7 in a trend continuation phase. 

On the reverse side, any loss below $4 may trigger panic sells as bears aim at all-time lows of $1.5 All the same, what will be distinctive is if the buyers or bears confirming bar is with high participation exceeding 15k of June 23. In any case, Grin’s price revival will be a perfect opportunity for traders aiming to double their price to $16.

Beam/USD Price Analysis

Similarly, and because of the mirror-like price action, Beam is under pressure and retesting previous resistance now support at $1.1. All the same, the fact that sellers had a difficult time erasing gains of June means bulls have an upper hand from an effort versus results point of view.

 Smashing above $1.1, Beam rallied to $3 before retracing to the current level with increasing trading volumes. As such, the short-to-medium term price trajectory of Beam depends on how bulls will react at $1.1 and whether there will be a trend reversal pattern at this point. 

Should a double bar bulls reversal pattern print, Beam prices will easily rally to $3 as traders load the coin on pullbacks. On the other hand, weakness could see Beam slide to 2019 lows of 40 cents.

Chart courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your due diligence.

AsiaCryptoToday is a team of executive Asia Crypto Researchers set to bring you the latest Cryptocurrency News from Asia (Vechain, NEO, QTUM, Elastos)

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