- BEER coin price has increased by over 180% in the last seven days.
- An increase of 6.36% has been observed in the price intraday.
- The 24-hour trading volume has reached over $203 Million, with a decline of 56.03%.
BEERCOIN (BEER) is a meme coin recently launched on the Solana blockchain. The project aims to promote social connections, bringing people together regardless of their skin color or social status.
BEER is a native token of the BEERCOIN project, which is gaining a lot of love from the memecoin community and investors. Since its launch, the memecoin has already won many hearts, as seen in the price growth.
Where is the BEER Crypto Price Heading Right Now?
Since it was listed on the Bitget exchange, BEER has experienced a massive rise. This reflects the fact that memecoins are shining in the current era of cryptocurrencies. People are drawn towards funny and light-hearted investments nowadays, and they are making profits from them.
The price surge in May 2024 has a positive effect on market sentiments, resulting in an almost 150% rise this month. A noticeable price change occurred on June 4, 2024, when the big market participants entered the zone. At present, the price is heading toward the blue sky zone.
@Thenizzar on X tweeted about BEER crypto.
Fam ! Hodl my $BEER
— Nizzar (@Thenizzar) June 5, 2024
I’m truly happy to announce a new partnership with $BEER !
Let me share some alpha in a thread !
#1
In just 2 weeks post-launch, $BEER has blasted through the Solana ecosystem, achieving #1 rankings on @CoinMarketCap & @coingecko with a marketcap… pic.twitter.com/ANXWcJjwfv
@Thenizzar explained that the Solana-based memecoin ranked number 1 in the top cryptocurrencies analytical websites with a market cap surpassing $500M during the first two weeks post-launch. The memecoin is already listed in popular exchanges and briefly placed among the top 15 memecoins.
Technical Analysis of BEERCOIN (BEER/USDT)
The short-term outlook lies above the key exponential moving average (EMA) on the bullish side. The price is moving far above the 50-day EMA, indicating a strong uptrend.
BEER has broken out from the $0.000218 resistance level. Afterward, it moved to the $0.000568 immediate resistance while reflecting over 150% positive bullish rally.
Recently, the price made a retracement on the $0.000334 decisional point of interest (POI) and increased by nearly 40%. Presently, the price reflects a bullish outlook. However, a shortfall can be seen if the price slips below the $0.000334 POI.
Furthermore, the relative strength index (RS) is showing an internal bearish divergence in the price momentum, indicating increasing selling pressure. The RSI is moving at 66.55 below the SMA line.
Summary
BEER has been received well by memecoins and investors. The cryptocurrency price has been skyrocketing since then. The overall return of the BEERCOIN is reflecting 195% positive profitability at the time of writing. It also made a retracement on the decisional POI recently. Technicals suggest a bullish outlook, however, a shortfall is expected below the $0.000334 POI.
When writing, the immediate resistance for BEER was $0.000568, while the $0.000334 level was the next support. A price rise can be expected if the price exceeds the upper resistance. Likewise, a drop below the aforementioned support can lead to a shortfall.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
