- Higher short liquidations have been recorded in Beercoin in the last 24 hours.
- The trading volume for crypto has declined, showing a drop in trading activity.
An X post of @WuBlockchain shows that a few days after the launch of Beercoin on Bybit, a huge profit booking took place in the crypto. It also states that insiders control more than 50% of the supply.
According to on-chain analyst Wazz, a few days after Bybit launched the Solana Memecoin BEER perpetual contract, BEER fell 80% at one point, and insiders/teams may have cashed out more than $15 million. Insiders/teams may control more than 50% of the supply and use Bybit… pic.twitter.com/xBUK9q1yKI
— Wu Blockchain (@WuBlockchain) June 14, 2024
The value of the traded volume for Beercoin has declined by 24% in the last 24 hours, resulting in a traded value of $310.292M. The crypto’s market cap has also declined by 12.6%.
The described behavior of the price metrics shows weakness in the price. Despite this, the crypto’s liquidity is very high at 188.5%, which is double its crypto market cap. It is concerning for the upcoming momentum in the price.
Moreover, the coin was launched a few days ago on the Bybit exchange, after which it achieved an all-time high price of $0.0005798 four days ago. Additionally, the current trading price of the crypto is down by 47% from the all-time high at press time.
Beercoin Derivatives Data Analysis
The derivatives trading volume for Beercoin has slightly advanced by 7% over the last 24 hours, resulting in a traded value of $252.68M.
![BEER](https://themarketperiodical.com/wp-content/uploads/2024/06/image-199-1024x246.png)
The open interest for the crypto has witnessed a decline of 32% in the last 24 hours, which shows a decline in traders’ and investors’ confidence in the crypto.
Moreover, the recorded long liquidation for the crypto is worth $159.28K against the short liquidations of $265.49K at press time in the last 24 hours.
BEER Crypto Technical Analysis
The Beer crypto technical chart has witnessed a string of profit bookings in the last three days.
![BEER](https://themarketperiodical.com/wp-content/uploads/2024/06/image-200-1024x456.png)
Since listing in the exchange, the BEER crypto price has advanced by 400% from the lows of 0.00006 in just 12 days. Despite the huge optimistic rally, it witnessed a strong sell-off, leading to a price decline of 80% from the all-time high.
Moreover, the recent price action shows rejection from the lower levels, indicating buying in the crypto. If the price further sustains the current levels and breaks above the level of $0.000380, we might see further higher levels in the price.
BEER/USDT Chart by TradingView
The technicals on the 4H chart of the crypto support a further decline in the price along with strong sell signals.
MACD and the signal line are trading in negative territory following a bearish crossover. The histograms formed on the charts are also bearish.
The RSI has also declined below the 14-day SMA and the 50-level, which shows bearish momentum in the crypto price.
The BEER crypto price has been trading below the 50-day EMA for a long time. This represents the sellers’ dominance in the crypto price.
Summary
Beercoin (BEER) faces high uncertainty as insiders control over 50% of its supply. Following its launch, the price surged 400% but then plummeted 80%.
Trading volume and market cap have declined, indicating reduced confidence. Technical indicators suggest bearish momentum, raising concerns about the coin’s future stability.
The crucial support levels for Beercoin are $0.0000820 and $0.000190, followed by the resistance levels of $0.000380 and $0.000560.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.