BEER Price Has Dropped By 90% In A Week: Will It Rebound Or Sink?

• The Beercoin price lost around 75% on June 13, failing to bounce back.
• The trading volume has surged by 100% in the past 24 hours.
• The Beercoin price has witnessed strong selling pressure for the past few days, and buyers seem too weak.

Since the beginning of June, the Beercoin price has been bullish and jumped by 228% in 4 days. The BEER price was halted near the $0.000600 hurdle and showed weakness. It attempted three times to exceed the $0.000600 hurdle but couldn’t do it. 

After many attempts, the sellers took over the trend and dragged down the price by 90% in a week. The digital asset price recently took support at the $0.0000175 level and tried to bounce back. However, buyers didn’t manage to lift the price, and a dump was seen in a few hours.

At press time, the Beercoin price traded at the $0.0000960 level with an intraday loss of 6.65%. The market capitalization is $52.93 Million, and the 24-hour trading volume is $231.32 Million. The Beercoin crypto ranks 43rd in the cryptocurrency market in terms of volume.

The BEER Price Dropped Violently Due to Wallet Transactions

A user on X demonstrates that a wallet has received 8.88B $BEER from the Bearcoin team wallet and sold 8.87 $BEER for $1 Million in the past 2 days. More wallets have been involved in the mass selling of the BEER crypto, which has caused a 60% drop in the price.

Beercoin Price Technical Analysis Over 1-D Timeframe

The Beercoin price has witnessed strong selling pressure for the past few days, and buyers seem too weak. The price has slipped below the support level of $0.000175 and is heading for a new all-time low.

If the buyers fail to bounce back, sellers may be eyeing an all-time low. Sellers are in total control and leading the trend in their favor.

On the other hand, buyers may participate if the Beercoin price engulfs the previous candlestick and gains bullish momentum. Strong buying pressure can be seen assuming the trading volume increases during the bullish momentum, and the price may approach the $0.0000175 mark.

Based on the technical indicators, the RSI is 44 and heading for the oversold zone. The price is trading below the key moving average, showcasing the bearish forecast.

Performance

The Beercoin price has remained positive on a yearly, monthly, and YTD basis with a gain of $60.08%, but weekly the price has melted by 77.33%.

Beercoin has experienced a significant drop in price due to mass selling by various wallet holders, which has raised concerns among investors. 

The technical analysis suggests that the sellers are currently in control of the market, and if buyers fail to regain momentum, the price may hit a new all-time low. 

However, a rebound is possible if the price engulfs the previous candlestick and gains bullish momentum.

Technical Levels

According to the technical chart, the BEER price may face resistance from the $0.000175 to $0.000460 mark. It may take support at the $$0.0000800 and an imaginary support level of $0.0000400.

Disclaimer

This article is for informational purposes only and provides no 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.

Pratik Chadhokar