With the crypto bear market seemingly over, a new wave of crypto investors are entering the market and looking for projects to invest in. One thing that we noticed was the uptick in mentions of the MimbleWimble (MW) coins aka GRIN & BEAM and thus, we would like to do a price analysis of these two coins.
What is MimbleWimble?
Essentially, MW is a protocol adopted by GRIN & BEAM. To simplify things, the MW protocol improves the privacy by making the blockchain display less data and also ensuring that the transaction is made. Usually, one can see the amount transferred between addresses on the block explorer. With the MW protocol, it hides the identity of the sender and the receiver, and the amount in a transaction- which greatly improves the concerns of privacy.
Thus, for users who seek privacy coins, GRIN & BEAM are the perfect choices as new entrants to the market, compared to other privacy coins like Monero and Zcash.
For more fundamental insights into GRIN and BEAM, check out our previous articles that we have published.
- Four major mining experts are invited to BHEX AMA to conduct an in-depth analysis of GRIN&BEAM mining return
- Beam CEO Alexander Zaidelson: I strongly believe that any scenario for transfer of value is suitable for the application of private coin
- BHEX Original — Ignotus: Grin as Bitcoin’s younger, more nimble brother.
- BHEX provides wallet, exchange, OTC and mining pool services for BEAM and GRIN
GRIN Price Analysis
First off, GRIN has been in a strong downtrend since its inception.
This looks like a typical alt-coin chart that went through the bear market of 2018. In the span of 4 months, GRIN has fell 94.31%. However, I think things are about to reverse for GRIN as it shows signs of bottoming out. Furthermore, who doesn’t like a 94% discount?
The next chart should excite you.
In the chart above, we can see that GRIN is showing signs of an uptrend- higher highs and higher lows. This is always a good sign that there is more upside available for GRIN. The path as depicted by the blue arrows is what I think price may do. Note that it could always break resistance from here, and we can always buy the re-test of resistance turned support.
For now, a nearer target that I think GRIN can reach for is around 0.000525, while a further target would be around 0.000784.
Target 1: 0.000525
Target 2: 0.000784
NOTE: For this uptrend to hold, the higher low in the image has to hold. Once broken, market structure is back to bearish and headed to new lows.
BEAM Price Analysis
GRIN had an exceptional pump of about 480% upon its open, but “What goes up must come down”. Since then, it has dropped about 94.5% from its high.
The story for BEAM is rather identical to GRIN; both had falls of 94–95% from its all-time highs. Like I said for GRIN, I think that BEAM has established an uptrend. Lets see why I think so.
BEAM has established an uptrend, similar to that of GRIN. However, I expect a retrace to the bottom yellow box as these sharp move upwards usually retrace a certain amount before taking off again. The first target I would aim for is around 0.00008691, and the second target would be around 0.0001138.
Target 1: 0.00008691
Target 2: 0.0001138
NOTE: Again, the higher low must hold for the uptrend to stay intact. If not, we would probably go lower.
If you did not know, GRIN & BEAM are both available to be traded on the Blue Helix Exchange (BHEX)!
To conclude, I think that things look good for GRIN and BEAM. However, it is never as straightforward as prices can be easily affected by the movement of Bitcoin. As such, one must ensure that a stop loss and proper risk management is in place.