Merit Circle, rebranded as Beam (BEAM), achieved a 25 percent increase during the day.
In the rise of the crypto market, rebranding and emerging projects began to come to the fore. There have been striking increases in many cryptocurrencies that have recently joined the industry. Especially Celestia (TIA) and Memecoin (MEME) hosted price increases that marked the agenda.
The last cryptocurrency to be included in the market rise was BEAM. Merit Circle, a GameFi project, has been rebranded and named Beam. The local token of the project was BEAM. BEAM was among the most rising cryptocurrencies of the day.
Beam (BEAM) has benefited from rebranding!
Merit Circle rebranded as Beam (BEAM). The crypto project, which has the support of Binance, started to rise with the FOMO caused by the rebranding. The project, listed on Binance under the abbreviation BEAMX, increased by 25 percent in the last 24 hours. Additionally, BEAM pinned $0.010305 during the day.
Looking at the BEAM chart, it can be seen that the upward trend has started. BEAM has a market cap of $391 million based on circulating supply. The fact that the market value is quite high increases the rumors that the price of BEAM may decline at any time. However, BEAM became one of the most profitable cryptocurrencies of the day with its striking rise during the day.
Merit Circle is up 129 percent since November 1. Merit Circle’s rise was exacerbated by its announcement that it would rebrand as BEAM. Still, BEAM is quite inflated as seen from the historical chart. Therefore, a possible decline scenario is on the table.
The fact that the market value is approaching 400 million dollars and has increased by 129 percent since the beginning of the month are shown as bearish signals for BEAM.
Looking at the chart, $0.009363 appears to be a key resistance point for BEAM. If this point is not exceeded, the price may drop to $0.008643. If the decline fails to gain strength from the $0.008643 support, BEAM price could decline to $0.007908. If this support point is also lost, $0.007531 could be tested soon. BEAM’s main support point stands out as the $0.007250 region.
If the rise continues, the $0.010299 resistance stands out as an important area. BEAM, which is persistent above $0.009366, will want to test $0.010299. Exceeding this zone will determine the new highest price point.
