Audiera [BEAT] The asset is worth approximately $970 million and its market capitalization has increased by 17%.
That performance heading into the weekend leaves one question open—whether the rally survives into the new week. There are several factors that argue in favour of a continuation and there are a few risks.
Unfinished BEAT chart indicates unfinished upswing
Charts for 4 hours show BEAT The asset is likely to have more potential than its current position suggests, and this case hinges on how it has been moving.
The BEAT price moved back to the initial point of consolidation after breaking out from an ascending triangular structure.
If the extension is applied, BEAT will be on track to earn $4,000, restoring the asset’s territory before consolidation.
There are two steps between BEAT’s current level and the target. Before the asset can be used, it must absorb $3.2 in supply and then clear that amount.
CoinMarketCap reports that the volume is up by 82%, or $32,87 million.
Liquidation heatmap keeps pressure on
It is important to note that the rally has its own pressure. The liquidation heatmap also explains why there are caveats in the case for an upside.
The clusters are located both above and beneath the current price and mark where buy and sell orders tend to concentrate. The clusters above are a good target for BEAT to pursue while the current momentum continues, although they tend to thin quickly and can limit the extent of a move.
Below the spot, liquidity clusters are more dense and extend farther. Once the initial upward momentum fades, clusters that large can act like a magnet and pull BEAT towards them, speeding up any decline.
The current positioning is bullish. Traders who bet on a decline lost approximately $488.910 during the same period, compared to $98,510 for traders that were long.
The indicators point to a BEAT drop in the near term
The momentum indicators of BEAT suggest that it is more likely than not to resist a decline in the short term.
The Moving Average Convergence Divergence reading shows bullish momentum building, with the MACD line—the difference between the 12- and 26-period EMAs—crossing above its signal line for the first time since early July.
Bull Bear Power confirms this picture. It shows bulls are back in the market, with the highest readings since the 14th of June. The strength of the reading suggests that buyers will be able to hold prices at current levels for a longer period than implied by this trade.
Final summary
- On the 4-hour chart, BEAT’s breakout in an ascending triangle is pointing toward a $4 move. But first there are $3.2 resistance and $3.6.
- BEAT is exposed to sharp pullbacks once the buying momentum dwindles.
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Source: ambcrypto.com
