Audiera [BEAT] breached the $3 support level and fell to a low of $2.4. This price drop came after days of strong upward pressure, marking a significant reversal. At press time, BEAT was trading around $2.76, after dropping 24.29% on the daily charts.
Notably, Audiera’s Turnover climbed to $17.6 million, marking a significant jump from $15 million the previous day, reflecting bear market dominance.
Audiera traders panic-exit the market
BEAT saw increased selling pressure as traders closed their positions. On the Futures side, the altcoin recorded $299.68 million in Outflows compared to $292 million in inflows.
As a result, the Futures Netflow declined 2032% to -$7.61 million, implying a significant number of traders closed their positions.
Reduced speculative activity has historically resulted in short-term market weakness, often preceding price decline.
On the spot side, holders increased spending significantly. While investors on the spot have been cashing out, the pressure increased substantially.
As of writing, Audiera’s Spot Netflow was around $688k, marking a monthly high. Such a jump in exchange inflows reflected elevated bearish pressure.
Strong market pressure on both the spot and futures markets has often weakened the market significantly, leading to a sharp price drop.
More losses ahead for BEAT?
Audiera’s downward momentum was elevated by increased selling pressure. As a result, the altcoin’s earlier momentum faded, with BEAT falling below EMA50 at $3.04 as of writing, signaling a short-term bearish takeover.
At the same time, Audiera’s Stochastic Momentum Index (SMI) formed a bearish crossover and dropped into the negative zone. At -14, the SMI indicator further validated this trend reversal.
For now, the 50-day Moving Average is acting as the dynamic resistance. As such, bulls need to reclaim the price level to ease the market pressure.
In doing so, the altcoin will be strengthened enough to target a move above $3.8. On the other hand, if the recent market pressure continues, the altcoin will drop below the 200-day EMA at $2.6.
Final Summary
- Audiera plummeted 24%, breaching the $3 support to a low of $2.4, before slightly rebounding to $2.8.
- BEAT faced intense selling pressure across the market.
Credit: Source link