- BEER coin price witnessed a sharp follow on selling pressure and made its ATL mark yesterday.
- Sellers have persisted in adding short positions and continued to put pressure.
The BEERCOIN (BEER) price reached its all-time-low (ATL) mark of $0.00004654 yesterday, reflecting a severe downtrend. However, after hitting a fresh low, the coin displayed a notable buying momentum and jumped over 10% in the last 24 hours.
Launched on May 29, 2024, the BEER coin price has been in a consistent uptrend, it marked an ATH of $0.0005798 this month. Meanwhile, the buyers could not hold the gains too long and sellers entered the battle with strong muscles, which led to a sharp throwback.
In the last few trading sessions, the BEER fell over 85% and reached the origin. The price action shows major short additions which influenced the selling pressure as the coin faced distribution from the highs.
At press time, the BEER was trading at $0.00005852 with an intraday surge of 4.50%, reflecting neutrality on the chart. It has a monthly return ratio of -26.30% and -34.30% yearly, reflecting a short-term downtrend.
The pair of BEER/BTC is at 0.000000000906 BTC, and the market cap is $32.04 Million. Analysts are neutral and suggest that BEER may continue to sail in a bearish course and might display a selloff ahead.
BEERCOIN Displayed Roller Coaster Moves: Could it Secure the $0.00004500?
Amidst a solid start and a remarkable surge of over 600% in a few trading sessions since the beginning, the good days were gone for BEERCOIN as sellers spoiled the gains with a sharp throwback from the top.
The price action shows a massive distribution from the highs as follow-on selloff trapped the bull army. Interestingly, the coin crashed multiple hurdles in a single go and slipped below its key moving averages.
Source: Santiment
The Momentum Indicator (RSI) curve dragged to the oversold region and plotted a negative crossover on the chart. Likewise, the MACD indicator reflects bearishness, displaying red bars on the histogram.
A break and close above the $0.00006700 mark would trigger a rebound and the coin might retest its primary resistance mark of $0.0000800 soon. Conversely, if it fails to do so and drops below $0.00004800, it might create a new low soon.
Its trading volume activity signifies sharp speculative move, the volume dropped over 35% to $67.53 Million. The market cap fell over 14% this week and the coin dropped to the 528 rank in terms of market cap. Notably, it has a total supply value of 888.89 billion.
A tweet by @LookOnChain revealed that amidst a loss of over $5.87 Million, the whale still held its position in the BEER coin.
This whale spent ~$7.68M to buy 35.7B $BEER from May 25 to June 18, which is now worth only $1.81M!
— Lookonchain (@lookonchain) June 21, 2024
He has lost ~$5.87M(-76.4%) but still hasn't sold any $BEER.
Address:
3ytAdNJmZ32WtzgJ8YxSBiGzM8t8ZqXpw9RkzT9v3Ziw
73EPZ2cx4TM9KbtRCq2hqgmWrDTkn6pzhrvw2ayRGM9N pic.twitter.com/HsW80wFxKK
Source: X
The immediate support levels for the BEER coin are $0.00005500 and $0.00004700, whereas the key upside hurdle is around $0.00006400, followed by $0.00007000
Could BEERCOIN Revive its Gains?
The BEERCOIN (BEER) price has dropped below the key moving averages and looks bearish. The coin is in the downside trajectory and is trading with a bearish bias.
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.