Beercoin (BEER) Volatility, Suspected of Manipulation by Whales

Bittime - Beercoin (BEER) has recently shownvolatility, raising suspicions of manipulation by whales. Even though the liquidity of this crypto is very high, reaching 188.5% of market capitalization, this condition raises concerns about future price momentum.

Launch and All Time High Price

Beercoin was recently launched on the Bybit exchange and managed to reach an all-time high price of $0.0005798 four days ago. However, at the time of writing, Beercoin's trading price had fallen by 47% from that high.

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Beercoin Derivatives Data Analysis

Derivatives trading volume for Beercoin increased slightly by 7% in the last 24 hours, with trade value reaching $252.68 million. However, open interest for this cryptocurrency has decreased by 32% in the last 24 hours, indicating a decline in confidence from traders and investors.

Also read: Understanding the Challenges and Potential of Crypto Derivatives

Long liquidations were recorded at $159.28K compared to short liquidations of $265.49K in the last 24 hours. This data shows that more traders are selling than buying, reflecting bearish market sentiment.

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Beercoin Technical Analysis

Beercoin's technical chart shows a series of profit-taking actions in the last three days. Beercoin's price rose 400% from a low of $0.00006 in just 12 days of listing on the exchange, but then saw a price drop of 80% from its all-time high.

The latest price action shows a rejection from lower levels, indicating buying in this cryptocurrency. If the price can sustain the current level and break above $0.000380, further price increases are likely.

Technical Indicators

• MACD and signal lines are in negative territory after a bearish crossover , with the histogram formed on the chart also indicating a bearish trend.
• The RSI has fallen below the 14-day SMA and the 50 level, indicating bearish momentum in the crypto price.
• Beercoin price has long been trading below the 50-day EMA, indicating seller dominance in the price of this crypto.

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Conclusion

Beercoin faces high uncertainty because more than 50% of its supply is controlled by insiders. After its launch, the price jumped 400% but then plunged 80%. Trading volume and market capitalization have declined, indicating reduced confidence.

Technical indicators show bearish momentum, raising concerns about the future stability of this crypto. Crucial support levels for Beercoin are $0.0000820 and $0.000190, with resistance levels at $0.000380 and $0.000560.

This situation illustrates the high level of uncertainty surrounding Beercoin, and investors should remain alert to possible price manipulation by whales. Before making an investment decision, it is important to consider all the technical and fundamental factors that influence Beercoin.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on 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 Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

BEERCOIN Price Falls to All Time Low, Will it Shine Again?

Beercoin ($BEER) Price Prediction 2024-2033

Beercoin (BEER) Price Soars 149%, Here's the Analysis

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.