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CHZ, KLAY, and BEAM – Where Do They Go?

CHZ, KLAY, and BEAM – Where Do They Go? WikiBit 2024-01-17 18:39

Recently, the price of Chiliz (CHZ) soared, reaching $0.1099, following a bullish reversal from the

Recently, the price of Chiliz (CHZ) soared, reaching $0.1099, following a bullish reversal from the $0.7 mark. At press time, CHZ was trading at $0.1046, an 8.75% surge from the intra-day low of $0.08621, according to CoinMarketCap.

CHZ/USD 24-hour price chart (source: CoinStats)

Following this surge, CHZ market capitalization and 24-hour trading volume surged by 8.66% and 175% to $927,511,782 and $354,472,094, respectively. This upswing has propelled the price above the neckline resistance of an inverted head and shoulders pattern, a classic indicator of a potential trend reversal. Consequently, investors are eyeing the $0.134 mark as the next target, representing a 25% increase from the current levels.

Klaytn (KLAY)

In parallel, the Klaytn (KLAY) token, native to a South Korean Ethereum rival, leapt over 30% to $0.262, following the announcement of a proposed merger with Finschia. This strategic move aims to create “Asias leading blockchain system” by combining the strengths of both blockchains.

After failure to breach the resistance level, however, bearish momentum engulfed the KLAY market, with the price dropping to an intra-day low of $0.2179, where support was established. At press time, KLAY was trading at $0.2228, a 10% decline from the 24-hour high.

KLAY/USD 24-hour price chart (source: CoinStats)

The merger proposition includes integrating technology, services, and business networks from giants like Kakao and LINE. The new mainnet will support EVM and CosmWasm, enhancing the platforms technological capabilities and ecosystem reach.

Beam (BEAM)

Concurrently, Beam (BEAM), known for its privacy-centric approach, is making significant strides. The project launched its mainnet in 2019 and recently introduced its BEAM token. Beam stands out with its use of Mimblewimble and LelantusMW protocols, enhancing privacy and scalability.

Additionally, the platform is expanding into the gaming and DeFi sectors, with plans to launch a confidential DEX and NFT marketplace.

BEAM/USD 24-hour price chart (source: CoinStats)

In the last 24 hours, BEAM bulls and bears have been fighting for dominance after opening the day under a bearish flag. A bullish move, however, was short lived after buyers failed to breach the intra-day high of $0.1026. At press time, the bearish trend was still in control of the market, with BEAM exchanging hands at $0.09645, a 0.43% dip.

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