Audiera [BEAT] It has dropped by over 28% within the last 24 hours. This brings the total weekly loss to 55%. This altcoin was trading even lower than the low for July of $2.07.
The altcoin has a market capitalization of more than $570,000,000, but its trading volume is less than $35,000,000 per day. In addition to technical breakdowns under key support levels on-chain metrics also show a sharp drop in activity.
The number of transactions and return traders has fallen sharply
Number of transactions determines how well a blockchain has been utilized.
Audiera usage dropped in this instance, its transaction number dropping from 110.665K down to 63.07K. It was about 50% less trading.
In addition, returning traders have reversed their July upward trend. Data from Dune AnalyticsThis metric has fallen from 2,303 to 1 215 since the beginning of August.
In an interesting development, even though the market was declining, there were still unique buyers. The value was still slightly less than the July high of 1,740.
There is more. Open Interest showed a more negative trend. OI decreased from $111.34 to approximately $58.68, showing traders’ loss of interest.
Moreover, the long-term liquidations of orders were five times greater than those for short orders. Due to the leverage, these orders amplified the collapse, OKX Binance Gate and Gate accounted for the biggest liquidations.
BEAT price breaks KEY support levels
This weakness was confirmed by the daily chart of price movement. BEAT lost support at three moving average levels (MA), the 20, 50, 100 SMAs. Although the altcoin traded above the long term support of the 200 SMA, it was not trading below this level.
The BEAT price also fell below a trendline slanting downwards that held since February. At $2.60, BEAT broke below a slanting trendline that had held price since February.
Chaikin’s Money Flow (CMF), which was previously 0.13, is now in negative territory (0.11). The BEAT price may soon be at $1.
BEAT’s $1.50 support level halted a sharp drop that occurred in June. Bulls must return to $1.50 or lower to expose this demand level.
Final Summary
- Audiera dropped more than 28 percent in one day, as BEAT’s transaction counts fell by around 50 percent in the first weeks of August.
- BEAT lost support at key levels, as outflows of capital surged. This suggests that the price could fall further if the bulls don’t return.
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Source: ambcrypto.com
