Bittime - The price of BEERCOIN (BEER) just hit its all-time low of $0.00004654 yesterday. This indicates a sharp downward trend. However, after touching its new low, this coin actually showed significant buying activity and jumped more than 10% in the last 24 hours.
Launched on May 29 2024, the price of BEERCOIN has continued to increase. In fact, earlier this month it reached an all-time high of $0.00005798. Unfortunately, buyers could not maintain this momentum.
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Sellers also joined the market with great force, which resulted in a drastic reduction in prices.
BEERCOIN Prices Plummet
In the last few trading sessions, the price of BEERCOIN plunged more than 85% and returned to its initial launch point. This price movement indicates a large accumulation of shorts (short-term selling positions), which triggers massive selling pressure when the price reaches the top.
Also read: Beercoin (BEER) Price Prediction, Can it Become the Next Big Solana Meme Coin?
At the time of writing, BEERCOIN was trading at $0.00006916 with an increase of 19%. This increase does not necessarily indicate improvement, but rather a neutral movement.
On a monthly basis, the price of BEERCOIN decreased by 33.49%. Meanwhile, on an annual basis, the decline reached 33.49%, which reflects a short-term downward trend.
Currently, the BEER exchange rate for Bitcoin (BTC) is at 0.000000000906 BTC, with a market capitalization of $37.5 million (around IDR 619 billion). Analysts are neutral and expect BEERCOIN to continue to oscillate in a bearish trend, with the potential for further price declines in the future.
A Journey Full of BEERCOIN Prices
Initially, BEERCOIN performed brilliantly with a price surge of more than 600% in just a few trading sessions since its launch. However, the good times disappeared as sellers took profits and triggered a sharp decline in prices.
The price movement shows a massive distribution of peaks. This is what causes a trap for investors who think prices will continue to rise.
Even worse, the price of BEERCOIN broke through several support levels at once and is now below the key moving average.
The Momentum Indicator (RSI) moved into oversold territory and showed a negative cross on the chart. Likewise, the MACD indicator shows a bearish trend, with the histogram colored red.
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If the price can break and stay above $0.00006700, this could trigger a price increase and BEERCOIN has the opportunity to re-test the main resistance level (upper limit) at $0.0000800. Conversely, failure to break through this level and a drop in price below $0.00004800 could lead to a new low.
Also read: Beercoin (BEER) Price Soars 149%, Here's the Analysis
BEERCOIN Trading Volume Increases
Trading volume activity indicates sharp speculative movements. Trading volume rose more than 19% to $65 million (around IDR 1.08 billion).
Market capitalization also fell by more than 14% this week and BEERCOIN's ranking slipped to 630th position based on market capitalization. It should be noted, BEERCOIN has a total supply of 888.89 billion.
A tweet by @LookOnChain revealed that despite suffering losses of more than $5.87 million (around IDR 96.2 billion), large whales still maintained their holdings in BEERCOIN.
The nearest support levels for BEERCOIN are currently at $0.00005500 and $0.00004700, while the main resistance level is around $0.00006400, followed by $0.00007000.
Will BEERCOIN Bounce Back?
BEERCOIN price has broken below a key moving average and appears to be in a bearish trend. The chances of price increases are predicted to be slim at this time. Investors need to pay attention to price movements and be careful in making investment decisions.
Conclusion
The BEERCOIN price journey is like a roller coaster ride full of ups and downs. After reaching its highest point at the beginning of this month, BEERCOIN has now fallen into a sharp bearish trend. This drastic price decline is certainly a worry for investors.
Analysts are neutral about BEERCOIN's future prospects. They predict that the coin will continue to oscillate in a bearish trend, with the potential for further price declines.
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However, there is still a glimmer of hope for BEERCOIN to bounce back. If the BEERCOIN price manages to penetrate the resistance level at $0.00006700, this could be a positive signal and open up opportunities for price increases.
How to Buy BEERCOIN (BEER) on Bittime
You can buy and sell BEERCOIN (BEER) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
BEERCOIN (BEER) is available on Bittime with the market pair BEER/IDR. To be able to buy BEER IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy BEERCOIN (BEER) on Bittime.
Monitor price chart movements for BEERCOIN (BEER), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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