The post Beercoin (BEER) Faces Sharp Selloff From Its ATH: What’s Next? appeared on BitcoinEthereumNews.com.

Beercoin entered into the cryptocurrency market in May 2024 as a meme token running on the Solana blockchain. It is designed to bring people together through the universal love of beer.  Since its launch, the BEER price has been in a consistent uptrend, and it recorded its All-Time-High mark of $0.0005798 last week. However, the buyers have failed to hold the gains in the sky and faced sharp distribution from the highs. Interestingly, a long rejection wick was noted from its demand zone of $0.0000900, and buyers showed their interest and started accumulating again. The chart structure signifies that if BEER crypto retains the $0.0004000 mark, it will outperform. At press time, the Beercoin price traded at $0.0003003 with an intraday surge of 1.36%, reflecting neutrality on the charts. It has a weekly return ratio of -33.20% and 263.40% monthly, reflecting a long-term bullish structure. The pair of BEER/BTC is at 0.00000000440 BTC, and the market cap is $161.92 Million. Analysts are bullish and suggest that the BEER price may continue to lift higher and might outperform ahead. Could BEER Retain Its ATH Mark This Month? The Beercoin daily charts signify three black crow formations, and a noteworthy selloff happened this week. Amidst the consistent upmove, some of its holders have booked their profit and might enter into the dips in the last session. Nonetheless, the willingness and demand for BEER are still at their peak, which signifies that a long-term bull run is intact. Undoubtedly, the trading volume remained strong, which signifies investor speculation. Its volume spiked over 19.25% to $254.18 Million in the past 24 hours. The RSI curve sails in the overbought zone, but a negative crossover was witnessed, which implies the profit booking in the last sessions. Likewise, the MACD indicator directs a bearish crossover, forming…

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Filed under: News - @ June 14, 2024 1:18 pm