BEAT's 17% Surge Faces Challenges Despite Key Support – Here's Why

In the world of cryptocurrencies, the intersection with artificial intelligence continues to grow, driven by recent industry partnerships. BEAT experienced a 17% price increase within the last 24 hours, although its daily trading volume saw a decline of 25%, amounting to approximately $45.96 million at the time of writing.

Key Takeaways

BEAT's price increased by 17% over the last 24 hours, despite a drop in daily trading volume.
User engagement and fundamental developments are key factors in the recent price rise.
The token's price is stabilizing around the $1.50 mark, a critical support level.
Buy liquidity is present, but upcoming token unlocks could exert downward pressure.
Further bullish momentum depends on alignment of market signals.

BEAT's 17% Surge Faces Challenges Despite Key Support – Here's Why

What Is Influencing BEAT's Current Price?

The rally in BEAT’s price is attributed to both user engagement and crucial developments. According to data from Audiera Finance, registered wallets exceeded the 5 million mark, with weekly active wallets measuring at 168,490. Additionally, last week saw a decrease in circulating supply by 193,590 tokens, culminating in a total of 480,760 tokens burned. This decline in supply has created a positive buying sentiment toward the altcoin.

BEAT

Moreover, a reduction in sell-offs following recent airdrops has decreased capital outflow, contributing to a stabilization in supply.

Bullish Momentum Faces Bearish Pressure

On the charts, the price of Audiera’s [BEAT] is stabilizing around $1.50 after peaking at $4.80. This $1.50 level has been a strong support point since the beginning of December.

The Stochastic Momentum Index reading of 51 indicates that bullish momentum is present, pushing the price towards the resistance level at $2.835. At the time of writing, the price is consolidating around $2.235. A successful break above the $2.8 to $3 zone could lead BEAT beyond the $4 mark. However, bearish forces may push the price back to the $1.50 support area.

BEAT

Data from the Long/Short Ratio Accounts shows a reading of 0.91, suggesting that bulls might be taking profits, which could trigger a bearish response.

Looking ahead, the upcoming liquidity changes and token unlocks will be crucial in determining BEAT’s price direction.

Balancing Buy Liquidity Against Token Unlocks

The Aggregated Orderbook Liquidity Delta Chart indicates a surge to over $600K in buy liquidity, recovering from previous negative trends observed over the past three days. Buyer volume is generally conducive to price increases, while selling often leads to declines.

Contrarily, futures trading data on Binance reflects a negative order book liquidity delta, presenting a bearish counter to the earlier bullish sentiment, suggesting a likelihood of price drops.

Audiera BEAT

Moreover, approximately $44 million worth of BEAT tokens are set to be unlocked next week, which could heighten selling pressure among holders. Nevertheless, the burning mechanism implemented by the Audiera team has the potential to mitigate excessive selling activity.

Overall, while BEAT's price appears poised for further growth, it requires the convergence of several bullish indicators to fully realize this potential.

Conclusion