The cryptocurrency market has been a sea of red over the past month, with most leading digital assets, including Bitcoin (BTC) and Ethereum (ETH), plunging by double digits.
However, the lesser-known altcoin Audiera (BEAT) stands out as a rare exception to the carnage, with its price skyrocketing by over 1,300%. Following the rally, its market capitalization has approached $2.5 billion, making it the 39th-largest cryptocurrency and pushing it past Bittensor (TAO), World Liberty Financial (WLFI), and others.
Time to Cool off?
Somewhat expected, BEAT’s bull run amid the ongoing bear market has caught the eye of many analysts and traders. X user Sunny noted the price ascent to over $8, adding that many market participants who have bet against the rally have been caught on the wrong side.
At the same time, they reminded that only 288 million of the total 1 billion BEAT coins are currently in circulation, stating that the next unlock is 21.24 million units.
“The market is paying close attention to the price, but the supply structure remains an important part of the story. As interest around BEAT keeps growing, it remains one of the more interesting tokens to follow this cycle,” they concluded.
OlusileCrypto also gave their two cents. The X users argued that the price has reached its top, warning investors to stay away as a potential dump could be on the way.
For their part, ProMint described BEAT as “a new crime created by CEXes.” The X user went even further, labeling it “a manipulative asset,” similar to RAVE and LAB, destined to collapse to zero.
BEAT’s Relative Strength Index (RSI) is worth observing, too. The technical analysis tool, which measures the speed and magnitude of recent price changes, has surpassed 70, meaning the token is overbought and on the verge of a possible pullback.
Just Starting?
Other analysts remain bullish, anticipating further price gains. X user Nehal envisioned a rise above $13, while Nazim believes the coin could skyrocket to almost $30. However, the latter thinks the peak could be followed by a brutal plunge to $0.50.
For their part, Crypto with Harris ₿ revealed making a profit of over $32,000 after closing their long position in BEAT when the token was trading at around $6. Since then, though, it has been making new highs, with the analyst saying a rise to $15-$18 wouldn’t be surprising before the real crash starts.
The post Viral Altcoin Audiera (BEAT) Explodes 1,300% in a Month: Time to Short or Further Gains Ahead? appeared first on CryptoPotato.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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