Several investors in crypto have identified BEFE as one token for short-term investment this March. Analysts spotted BEFE for vibrancy and potential gains in the company of other crypto tokens like Hedera (HBAR), BEFE, Polygon (MATIC), Kaspa, and Lido DAO.
From a technical perspective, BEFE has shown increased price action since the turn of the new month. The meme coin surged high, dropped low, and recovered immediately within three trading days. That price activity retested a significant resistance, leaving a setup that suggested an impending price rally.
In addition to retesting the horizontal resistance, BEFE has climbed above the longest bearish trendline in its lifetime. The trendline originated from the swing high, formed four days after BEFE’s launch. The current breakout would mark BEFE’s first climb above that diagonal resistance.
Crypto analysts expect BEFE’s recent price behavior to further energize its vibrant community. According to reports, the community recently challenged the Cardano community over Dan Gambardello’s recent $1 million bullish forecast for ADA.
The BEFE community used Cardano’s historical trend pattern to debunk Gambardello’s forecast. According to them, Cardano cannot motivate astronomical rallies of around 1,000,000% for its native ADA token.
However, BEFE community members claimed the relatively new meme coin can perform like other meme coins and return up to 12,000,000% in a bull market. They identified two factors that support BEFE’s potential to achieve such returns. According to several community members, the frenzy surrounding meme coins will boost a potential astronomical BEFE rally in addition to its fraction-of-a-penny cost.
BEFE traded for $0.0004516 at the time of writing, according to data from TradingView. The meme coin’s potential to surpass its current all-time high of $$0.0009500 supports the community’s sentiment of achieving a significant rally early in the bull run.
The rally would form part of a widely anticipated altcoin season that could follow the current Bitcoin surge. BTC continued its uptrend today by climbing above $65,000 for the first time since the beginning of the current bull run. The flagship crypto traded for $65,029 at the time of writing, having reached $65,583 earlier today, per TradingView data.
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